Growth Trajectory!
GPT INFRAPROJECTS LIMITED
37th Annual Report 2016-17
02 Corporate identity
04 Our management
06 Chairman’s review
10 How we enhanced value in the last few years
11 Operational review
12 Our robust business model
14 Corporate information
15 Director’s report
38 Management discussion and analysis
45 Report on corporate governance
62 Standalone financials
111 Consolidated financials
Forward-looking statementIn this annual report, we have disclosed forward-looking information to enable investors to comprehend our prospects and take informed investment decisions. This report and other statements - written and oral - that we periodically make contain forward-looking statements that set out anticipated results based on the management’s plans and assumptions. We have tried wherever possible to identify such statements by using words such as ‘anticipates’, ‘estimates’, ‘expects’, ‘projects’, ‘intends’, ‘plans’, ‘believes’, and words of similar substance in connection with any discussion of future performance.
We cannot guarantee that these forward-looking statements will be realised, although we believe we have been prudent in our assumptions. The achievement of results is subject to risks, uncertainties and even inaccurate assumptions. Should known or unknown risks or uncertainties materialise, or should underlying assumptions prove inaccurate, actual results could vary materially from those anticipated, estimated or projected. Readers should bear this in mind.
We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
Contents
Infrastructure growth will drive India.
There is a growing consensus that India represents possibly the world’s most attractive infrastructure opportunity.
Marked by unprecedented investments in railway facilities, roads, airports and ports.
This emphasis on infrastructure will benefit focused and specialized companies like GPT Infraprojects.
GPT Infraprojects Limited.
One of India’s leading infrastructure construction companies.
Possessing strong project
execution capabilities
Possessing a strong, liquid and credible
Balance Sheet
Marked by knowledge and
competence across the project value
chain
Enjoying an attractive and
profitable order book
MetroRoads, Bridges and Highways
Background
GPT Infraprojects Limited is the flagship company of GPT Group (incorporated in 1980) headquartered out of Kolkata. The Company is engaged in civil and infrastructure projects.
The Company comprises two businesses:
Infrastructure: GPT addresses engineering, procurement, and construction (EPC) projects in sectors like railways, roads, power and industry.
Concrete sleeper: GPT manufactures pre-stressed concrete sleepers in India and Africa. We also export to neighbouring countries such as Bangladesh and Sri Lanka.
Capabilities
Manufacturing locations
4,80,000 sleepers per annum
2,00,000 sleepers per annum
Panagarh
4,80,000 sleepers each per annum
Ramwa and Pahara
5,00,000 sleepers per annum
Ladysmith (South Africa) Tsumeb (Namibia)
2. Concrete sleepers
Power and Industrials
Steel Bridges Railway Tracks
1. Infrastructure
2 GPT Infraprojects Limited
Clientele (limited list) Indian Railways
Rail Vikas Nigam Limited
Ircon International Limited
BHEL
RITES Limited
Arunachal Pradesh PWD
Hooghly River Bridge Commissioners
GMR Infrastructure Limited
Transnet Freight Rail
TransNamib Holdings Limited
DVC
West Bengal PWD
MoRTH
Awards and accreditations Awarded Emerging India Award for Infrastructure from
ICICI Bank, CNBC TV-18 and CRISIL in 2011.
Quality Standard ISO 9001:2015.
Star Export House Certification by Ministry of Commerce, Government of India.
Awarded Best Infrastructure Brand, 2016 by The Economic Times
Shareholder valueGPT Infraprojects’ market capitalization increased by 12% in 2016-17.
Order bookThe Company’s order book grew 12 % through 2016-17.
Market capitalization as on 31st March 2016 (H cr)
320
Market capitalization as on 31st March 2017 (H cr)
358
Order book as on 31st March 2016 (H cr)
1650
Order book as on 31st March 2017 (H cr)
1851Listing GPT Infraprojects Limited is listed on BSE Limited and
National Stock Exchange of India Limited and its shares are actively traded.
37th Annual Report 2016-17 3
SHREE GOPAL TANTIAManaging Director
He has an experience of over 35 years in the infrastructure space and heads the Group’s EPC business segment and manages its strong and diverse customer base.
Member: CSR CommitteeStakeholders Relationship CommitteeExecutive Committee
DWARIKA PRASAD TANTIAChairman
With an experience of over 45 years, he leads the Company’s growth initiatives. He was the person responsible for the Company’s entry into the sleeper business both in India and internationally.
Chairman: CSR CommitteeStakeholders Relationship CommitteeExecutive Committee
Member: Nomination & Remuneration Committee
ATUL TANTIAExecutive Director
B.S. Finance, Wharton School B.S. Systems Engineering University of Pennsylvania
Leads the Company’s manufacturing operations and manages relationships with banks and financial institutions.
Member: Executive Committee
VAIBHAV TANTIADirector and COO
B.S. Finance, Wharton School B.S. Civil Engineering University of Pennsylvania
Leads the EPC segment including management of projects and business development.
ARUN KUMAR DOKANIAChief Financial Officer
B.Com, FCA
Has over 35 years of experience in the industry and is an experienced finance professional, responsible for the Company’s finance, accounts, banking and legal matters.
Our management
4 GPT Infraprojects Limited
MAMTA BINANIIndependent Director
A fellow member and holds certificate of practice with the ICSI. Was President of ICSI in 2016 and has more than 15 years of experience in Corporate Consultation & Advisory.
Member: Audit Committee
SUNIL PATWARIIndependent Director
Holds PGDM degree from IIM, Ahmedabad and is an associate member with ICAI. Has wide experience in the area of Business Management, Accounts, Taxation and Finance.
Chairman: Nomination & Remuneration Committee
VISWA NATH PUROHITIndependent Director
Is a fellow member and holds certificate of practice with the ICAI. He carries more than 55 years of experience in Accounts, Finance and Taxation.
Chairman: Audit Committee
Member: Nomination & Remuneration Committee, CSR Committee
KUNAL KUMTHEKARNominee Director
Holds a Bachelor’s degree in Mechanical Engineering and an MBA degree. Is also a graduate of the Wharton Advanced Management Program. Has a rich experience in financial markets and was associated with JM Financial.
Member: Audit Committee, Nomination & Remuneration Committee
KASHI PRASAD KHANDELWALIndependent Director
Is a fellow member and holds certificate of practice with the ICAI. Has wide knowledge on subjects such as Union Budget, Service Tax, Accounting, Auditing, Corporate Laws, Corporate Governance, Information Technology and Income Tax matters.
Member: Audit Committee
SHANKAR JYOTI DEBIndependent Director
Holds a Bachelor’s degree in Science and Bachelor’s degree in Civil Engineering. Has completed a financial management programme from IIM, Calcutta. Has wide experience in designing, engineering and implementation of civil projects.
Member: Stakeholders Relationship Committee
Independent Directors
37th Annual Report 2016-17 5
The company enjoys the attractive coming together of the largest order book in its existence on the one hand of H1,850 cr and higher margins of the orders received, which should enhance our overall profitability going ahead.
On a promising growth trajectory
At GPT Infraprojects Limited, we believe that we are passing unprecedented times from an economic and national transformation point of view.
Economic overview
India is expected to remain the fastest
growing major economy in 2017,
according to International Monetary
Fund. India’s Current Account Deficit
increased from about 1% of GDP in 2015-
16 to 1.4% of GDP in the final quarter
2016-17 due to a widening of the trade
deficit. As on May 12, 2017, India’s foreign
exchange reserves reached
$443.6 billion, representing a
comfortable cover for about 12 months
of imports. India graduated from the
ninth largest manufacturing country to
the sixth.
Infrastructure growth
This economy has started to generate
infrastructure growth across various
segments. Initiatives such as the
Pradhan Mantri Gram Sadak Yojana
and the Sagarmala projects are proof
that infrastructure is what will drive our
nation’s growth. The same optimism
has been carried forward to the railways
sector. For 2017-18, the total capital and
development expenditure of Railways
was estimated at H1,310 billion. Railway
lines of 3,500 km are likely to be
commissioned in 2017-18 against 2,800
km in 2016-17. Some 953 km of new
tracks were laid in 2016-17 against the
targeted 400 km; track electrification of
over 2,000 km, and gauge conversion of
over 1,000 km.
In March 2016, the Union Government
launched the Setu Bharatam programme
to build Rail Over Bridges and Rail Under
Bridges at railway crossings to minimize
Chairman’s review
H217 cr Value of the largest-ever construction order received by the Company
Ramwa and Pahara capacity
sleepers each per annum
4,80,000
6 GPT Infraprojects Limited
frequent accidents and loss of lives at
level crossings. As a result, more than
1,503 unmanned level crossings were
eliminated in 2016-17; it is estimated that
all unmanned level crossings on broad
gauge lines will be eliminated by 2020.
Translating promise into performance
At GPT Infraprojects, we believe that we
are at an attractive inflection point in our
existence.
The company enjoys the attractive
coming together of the largest order
book of H1,850 cr in its existence on
the one hand and orders with higher
operating margins on the other hand.
This should enhance our overall
profitability going ahead.
Of the H711 cr orders received in the
last year, the majority of the orders
comprised construction projects, mostly
for execution of steel girder bridges,
ROBs, and RUBs and contracts for
the concrete sleeper segment. As you
are aware, historically the company
has solely participated in government
contracts, wherein the visibility of
funding and decision making is clear.
We continue to carry forward the
same approach in future as well. These
contracts have been accompanied
by better payment terms, marked by
mobilization advances and shorter
receivable cycles. Besides, I am pleased
to report that the average ticket size of
our orders have improved from H40 cr
a few years ago to more than H100 cr
today, translating into project economies
and increased profitability.
It would be pertinent to communicate
that during the course of the year
under review, the Company received its
largest ever construction order of H217
cr in its name. This project comprises
construction of bridges on the Mathura-
Jhansi third line for Rail Vikas Nigam
Limited and is to be completed within
36 months. On completion of this
project, the company will be able to bid
for projects in the range of H1,000 cr
in its independent capacity from 2020
onwards.
Even as this has progressively evolved
the quality and quantity of our order
book, I am pleased to report that there
has been an improvement in our cash
flows and a corresponding decline in our
working capital cycle from 232 days as
on 31st March, 2015, 152 days as on 31st
March 2016 to 121 days as on
31st March 2017 following a quicker
payments inflow.
This improvement had a trickle-down
impact on the company’s finance costs
during the year under review. Even as
turnover increased, which should have
increased the company’s working capital
outlay and related costs, the company
moderated its finance costs by H85 lacs
to H37.8 cr during the course of the year
under review.
What we could have done better
I am pleased to state that the
improvement in the company’s
revenues, though by a marginal 2 per
cent, and increase in profit after tax by
24.4 per cent came in the face of one
of the most challenging sectoral realities
during the last financial year.
The currency demonetization during the
course of the year resulted in extensive
absenteeism, affecting manpower
mobilisation and deployment across
project sites. This led to the deferment
of execution of contracts in the third
quarter
The company has successfully
commissioned two concrete sleeper
Eligible to bid for H1,000 cr contracts in independent capacity from 2020 onwards
Of the H711 cr orders received, the majority of the orders comprised construction projects, a smaller quantity accounted by railway sleepers.
37th Annual Report 2016-17 7
factories for DFCC in Uttar Pradesh in
March 2017. The delay in commissioning
due to the demonetization exercise led
to a revenue postponement to financial
year 2017-18.
The company’s operations in South Africa
and Namibia were subdued during the
year under review. The company’s South
Africa operations declined by 30 per
cent while Namibia operations declined
10 per cent during 2016-17 following a
slowdown in the respective economies,
slower payments by customers and an
order slowdown. I am pleased to state
that the order inflow began to revive
in the last two months of the financial
year; there is now a project and revenue
visibility for the next two years.
Strengthening the business
I am pleased to report that the company
strengthened its business beyond what
may be evident in the financials of
2016-17.
Even as the company’s revenues may
have only been marginally higher than
in the previous year, the direction of
the company continues to be positive.
Besides, the projects are larger, the
margins hurdle rate higher and each
of these projects, when complete, will
make it possible for the company to
address even larger projects.
During the course of the year under
review, the company’s credit rating was
enhanced from BBB minus to BBB by
CARE. This development, when coupled
with a decline in rates by the banks will
help the Company moderate its finance
cost further. Besides, the company
conducted its growing business with
less debt, strengthening its gearing from
1.43 at the close of 2015-16 to 1.26 at the
close of 2016-17.
Outlook
The outlook for the company’s sector
and business appear optimistic.
The Indian government announced a
slew of reforms in 2016-17; one of the
big changes was the merging of the
Rail Budget with the Union Budget,
Larger Railways outlay
There is increased focus in rail network decongestion, accelerating railway tenders. The Union Budget 2017-18 announced the largest allocation for Indian Railways of H1.3 trillion with a cross Budgetary support of H55,000 cr. The government announced the commissioning of 3,500 km railway tracks in 2017-18, an increase of almost 25% over 2016-17.
GPT is a railway-focused player, attractively placed to capitalise on track renewals, network decongestion and expansion projects.
Replacing legacy assets
The Indian Railways replaced 1,503 legacy unmanned level crossings and 84 manned level crossings with road-over-bridges and road-under-bridges in 2016-17.
Of India’s 28,607 level crossings, 19,267 are manned and 9,340 unmanned; Indian Railways expects to eliminate all unmanned level crossings by 2020. The Central government has sanctioned approximately H2,300 cr for building road-over-bridges in West Bengal, a major market for GPT.
Of the 19 road-over-bridge projects expected to commence in West Bengal, GPT expects to be engaged in the construction of a sizable number.
Dedicated Freight Corridor
Dedicated Freight Corridor Corporation of India Limited is awarding contracts for eastern and western freight corridors. Around H14,000 cr contracts are expected to be awarded in 2017-18 resulting in project completion by 2019. The government announced three new dedicated
Business optimism
8 GPT Infraprojects Limited
translating into lower populism, stronger
market-orientation and higher capital
expenditure. Besides, the government
outlined shorter project delivery
deadlines and started remunerating
vendors faster, making it possible for
them to strengthen their cash flows and
deleverage their Balance Sheets. The
commodity cycle has moderated, which
should ease working capital outlays. The
banking sector could re-appraise sectoral
prospects, moderating debt costs.
The company expects to capitalise on
this scenario through selective bidding
for projects based on its desired risk
appetite, Balance Sheet strength and
competence areas. The company also
intends to pursue its arbitration with
National Highways Authority of India
related to a BOT contract that has been
pending for nearly three-and-a-half years.
A decision in the company’s favour
could result in a sizable cash inflow,
which could be used to repay debt, right-
size the Balance Sheet, seek a superior
credit rating, moderate debt cost and
accelerate a virtuous financial cycle.
The two concrete sleeper factories
commissioned during the last quarter
of FY 17 have started deliveries to the
customer, which should bolster the
revenue in FY 18.
The company expects to report a
superior performance of operations in
Africa. The company has broadbased
its revenue profile whereby non-Eastern
India revenues will account for more
than half its overall revenues during
the current year, the highest ever.
The company intends to seek larger
construction opportunities in Bangladesh
and Myanmar, besides seeking to
capitalise on an unprecedented
opportunity emerging from within India.
In view of these realities, the Company
expects to generate a 40 per cent
topline growth during the current year,
coupled with profitable growth.
At GPT Infraprojects, we made a
commitment in our last annual report:
that we would enhance profitability
even as we grow larger and continue
rewarding our shareholders. I am pleased
to announce that the Board has declared
a bonus issue of 1 equity share for every
1 equity share. In addition, the company
has paid dividend of H2.5 per share, a
25% payout, which is in line with the
dividend policy of the company.
We stand by this commitment and
assure shareholders that this will be
more visibly evident in our performance
starting 2017-18.
DP Tantia,
Chairman
corridors (North-South, East-West and the East coast corridor), entailing the construction of about 5,700 km railway tracks.
These projects represent a large growth opportunity for GPT related to the manufacture of sleepers, railway works and bridges.
Setu Bharatam Project
The H50,800 cr Setu Bharatam project is expected to free all national highways from railway crossings by 2019. Some 208 new bridges are expected to be constructed; about 1,500 old bridges are to be reconstructed.
GPT possesses a rich track record in the construction of various bridge types across terrains. The Company’s core expertise lies in fabricating riverine bridges, large-span steel super structures over rivers, construction of embankments
as well as rigid and flexible flyovers, strengthening the company’s credentials in addressing government projects.
The Africa focus
There is a growing demand for transportation and related infrastructure in Africa. There is a growing need for integrated railway systems for efficient cargo transportation. Urban African cities need superior rail transportation. Increased mining activity also needs robust rail linkages.
GPT enjoys a longstanding experience and presence in Africa. The Company is the only supplier of concrete sleepers in Namibia; it enjoys a PPP with TransNamib Holdings Limited (TNHL); it is one of only three suppliers of concrete sleepers in South Africa, which should help the company capitalize on emerging opportunities.
37th Annual Report 2016-17 9
How we enhanced value in the last few years
Higher revenues (H cr)
F17
517
F16
509
F15
392
F14
455
EBITDA margin (%)
F17
14.0
F16
14.6
F15
15.6
F14
13.4
Interest as a percentage of revenue (%)
F17
7.3
F16
7.6
F15
10.4
F14
8.3
Working capital (days)
F17
121
F16
152
F15
232
F14
191
Gearing (x)
F17
1.26
F16
1.4
3
F15
1.54
F14
1.6
2
Growing profits (H cr)
F17
15.9
F16
12.8
F15
4.2
F14
6.3
10 GPT Infraprojects Limited
Operational review of our business divisions
Operational highlights
Revenues from this division stood at H71.49 cr
in 2016-17 which is a drop of 18.9 % over the
revenues of 2015-16.
Two sleeper factories were established in Uttar
Pradesh in Ramwa and Pahara to cater to
the sleeper needs of the H246 cr, World Bank
funded, Eastern Dedicated Freight Corridor
(DFC) project.
The Ramwa factory is located in Ikari village
in Fatehpur district and with a capacity of
manufacturing 4,80,000 sleepers per annum.
The Pahara factory is located in Mirzapur
district and has a similar sleeper manufacturing
capacity.
These two new factories have begun their
commercial production.
Project line up
The two sleeper factories are expected to
generate a healthy boost to revenues of this
division. Revenues are expected to witness a
strong growth in 2017-18.
Due to an increase in demand in the African
markets, top-line and bottom-line are expected
to strengthen.
GPT has a healthy order book of H350 cr
of which around H200 cr is expected to be
executed in 2017-18.
Outlook
Our concrete sleeper factory at Panagarh
enjoys a strategic location, which will help GPT
cater to the growing infrastructure needs of
Bangladesh and the Eastern corridor in Kolkata
in addition to the new factory requirements for
the new freight corridors.
The growing transportation and infrastructure
demand, and need for integrated railway
systems present immense opportunity for our
factories in Africa.
Operational highlights
Revenues from this division stood at H439.63 cr
in 2016-17 which is a growth of 6.2 % over the
revenues of 2015-16.
Completed construction of 10 major bridges
along with 15 km of embankment work at
Ahmedpur. The contract was worth H143 cr.
Ongoing work of construction of a 2 km long
bridge at Malda over the river Fulahar. The river
floods during the monsoons, which makes this
project extremely challenging.
Smooth execution of fly over and open web
girder between Sankrail and Santragachi
Station for South Eastern Railway. Ticket size of
the contract is H113 cr.
Project line up
The Company has a healthy project line up
and the total unexecuted order book stands
at H1,500 cr to be executed in the next 30
months out of which H500 cr is expected to be
executed in 2017-18.
There is a lot of optimism in this business
segment. Opportunities are abundant including
an announcement by the government
entailing an investment of H500+ billion to
construct 208 ROBs by 2019 and rebuild 1,500
British-era bridges.
Outlook
Focus on construction of ROB/RUB and
bridges and increased spending on doubling,
tripling and new lines by the government will
lead to increase in outlay for infrastructure
companies.
Continued focus on regional connectivity
projects in a time bound manner will lead to
better working capital cycle.
Infrastructure
Sleepers
37th Annual Report 2016-17 11
Multi-sector, end to end capabilitiesGPT addresses end-to-end opportunities in the rail and road infrastructure segments; this comprises capabilities related to the construction of flyovers, ROBs, RUBs etc. GPT’s capabilities extend from project design to construction to asset maintenance.
Specialisation GPT is one of the most respected bridge builders in India. The company enjoys one of the largest order books in India related to the EPC construction
of steel bridges; EPC orders contributed to about 81% of the order book. The average ticket size of each contract has increased appreciably in the past two years.
Types of bridges constructed since inception: Cable stayed and suspension bridges, cantilever bridges, steel bridges, execution of caisson foundation, bridge rehabilitation and re-girdering
Length of bridges delivered (in metres): More than 38,000 metres
ExpertiseGPT possesses expertise in the erection of all foundation and superstructure types. Along with this technical prowess, GPT has had a history of completing challenging projects smoothly.
The Company’s order book has been growing steadily, y-o-y in FY17: 12%.
TimelinessGPT is respected for its ability to complete projects on schedule arising out of the interplay of sectoral and terrain knowledge on the one hand and
GPT is one of the most respected bridge builder in India. The company enjoys one of the largest order books in India related to the EPC construction of steel bridges; EPC orders contributed to about 81% of the order book.
Our robust business model
12 GPT Infraprojects Limited
systems-driven process orientation on the other.
Knowledge capitalGPT is knowledge-driven, comprising a team of multi-vertical engineers possessing a rich aggregate experience across domains. This has helped GPT emerge as a one-stop solution provider with a minimal outsourcing of sub-projects.
Aggregate engineering experience (in person-years): 1,545
Number of engineers: 136
Fiscal discipline GPT reflects fiscal discipline, marked by cost moderation and comfortable terms of trade. During the year under review, GPT achieved a 31 day reduction in its working capital cycle.
Hopper area
Burdwan ROB
37th Annual Report 2016-17 13
Corporate Information
37th Annual General Meeting on Friday, August 18, 2017 at 3:00 pm at CII-Suresh Neotia Centre of Excellence for
Leadership at DC-36, Sector-I, Salt Lake City (behind City Centre), Kolkata-700064)
BOARD OF DIRECTORS
Chairman
Mr. D. P. Tantia
Managing Director
Mr. S. G. Tantia
Executive Director
Mr. Atul Tantia
Director And Chief Operating Officer
Mr. Vaibhav Tantia
Non Executive Directors
Mr. V. N. Purohit
Mr. K. P. Khandelwal
Mr. Kunal Kumthekar
Mr. Sunil Patwari
Dr. Mamta Binani
Mr. Shankar Jyoti Deb
Chief Financial Officer
Mr. A. K. Dokania
Auditors
S. R. Batliboi & Co LLP
(Chartered Accountants)
22, Camac Street,
3Rd Floor, Block – C
Kolkata – 700 071
1. Panagarh
P-Way Depot, Panagarh,
Dist. Burdwan,
West Bengal-713148
2. Ramwa
Fatehpur, Village - Ikari,
P.o. – Bilanda,
P.s. - Tharion, District– Fatehpur,
Pin - 212 645, Uttar Pradesh
3. Pahara
Mirzapur, Mohanpur - Pahadi Road,
Village - Toswa, P.o. – Pahara,
P.s. - Padari, District – Mirzapur,
Pin - 231 001, Uttar Pradesh
Plant Locations
Registered & Corporate Office
GPT Centre, JC – 25,
Sector – III, Salt Lake,
Kolkata – 700 098, India.
Registrar & Transfer Agent
Link Intime India Private Limited
59C, Chowringhee Road, 3rd Floor,
Kolkata – 700 020.
Corporate Identification No. L20103WB1980PLC032872
Bankers
State Bank Of India
Allahabad Bank
Axis Bank Limited
ICICI Bank Limited
IDBI Bank Limited
Standard Chartered Bank
UCO BANK
14 GPT Infraprojects Limited
Directors’ Report
C in Lacs, except per share data
(C1 Lac equals C100,000)
ParticularsStandalone Consolidated
2016-17 2015-16 2016-17 2015-16
Earnings before Interest, Tax, Depreciation and Amortization
(EBITDA)
5,761.10 5,847.25 7,230.41 7,434.89
Finance Cost 3,173.09 3,268.98 3,343.92 3,530.43
Depreciation & Amortization 1,259.79 1,149.86 1,803.39 1,905.64
Profit / (Loss) before tax (PBT) 1,328.22 1,428.41 2,083.10 1,998.82
Tax Expense / (Credits) 280.06 444.11 487.66 716.61
Profit after tax (PAT) 1,048.16 984.30 1,595.44 1,282.21
Minority Interest - - 38.22 52.90
Profit after tax and minority interest 1,048.16 984.30 1,557.22 1,229.31
Surplus in statement of profit and loss brought forward 6,345.43 5,688.47 8,458.82 7,473.00
Excess provision for dividend tax written back 17.93 - 17.93 -
Transfer from Capital redemption reserve fund - - - 83.85
Amount available for appropriation 7,411.52 6,672.77 10,033.97 8,786.16
Interim Dividend 145.43 290.86 145.43 290.86
Dividend tax 29.61 36.48 29.61 36.48
Surplus in statement of profit and loss carried forward 7,236.48 6,345.43 9,858.93 8,458.82
Earnings Per Share :
Basic 7.25 6.86 10.76 8.94
Diluted 7.25 6.86 10.76 8.94
Your Directors are pleased to present the 37th Annual Report of the Company and the audited Financial Statements for the
financial year ended 31st March, 2017.
Results of Operations
Business ResultsFor the year 2016-17, the total revenue of the Company
stands at H37,994 Lacs and H51,688 Lacs in comparison with
the previous year amounting to H36,109 Lacs and H50,909
Lacs for standalone and consolidated respectively.
EBITDA for the year under review is H5,761 Lacs and H7,230
Lacs in comparison with the previous year amounting to
H5,847 Lacs and H7,435 Lacs for standalone and consolidated
respectively.
PAT for the year under review is H1,048 Lacs and H1,595
Lacs in comparison with the previous year amounting to
H984 Lacs and H1,282 Lacs for standalone and consolidated
respectively.
Concrete Sleeper BusinessDuring 2016-17, this business recorded total revenue
of H2,810 Lacs and H7,149 Lacs in comparison with the
previous year amounting to H2,867 Lacs and H8,817 Lacs for
standalone and consolidated respectively.
The production in the manufacturing facilities set up in
Tsumeb, Namibia for manufacture and supply of concrete
sleepers in joint venture with Transnamib Holdings Limited,
Namibia (A Government of Namibia undertaking) namely GPT
Transnamib Concrete Sleepers (Pty) Limited has recorded a
turnover of N$62,188,184 (H2,972 Lacs) and profit after tax (PAT)
N$11,111,922 (H531 Lacs) in comparison with previous year
amounting to N$ 73,393,696 (H3,517 Lacs) and N$ 8,043,120
(H385 Lacs) respectively.
37th Annual Report 2016-17 15
The manufacture and supply of concrete sleeper at the
Company’s South African subsidiary namely GPT Concrete
Products South Africa Pty Limited is smoothly going on
and the said subsidiary has recorded a turnover of ZAR
71,309,894 (H3,408 Lacs) and a PAT of ZAR 2,580,143
(H123 Lacs) in comparison with previous year amounting
to ZAR 99,258,937 (H4,756 Lacs) and ZAR 3,399,660
(H163 Lacs) respectively.
Infrastructure BusinessDuring 2016-17, this division contributed a revenue
of H34,382 Lacs and H43,963 Lacs against that of H32,689
Lacs and H41,392 Lacs for the previous year for standalone
and consolidated respectively. This business segment
currently has order book of H1,630 cr approximately.
DividendThe Board of Directors (“the Board”) had declared two interim
dividends, one for H1 each per share and another for H1.50
each per share aggregating to H2.50 of H10/- each per share
for the financial year 2016-17. Your Board has considered the
said interim dividends as final.
ReservesIt is not proposed by the Board of your Company to transfer
any amount to Reserves for the year ended 31st March 2017.
Credit RatingThe long term credit facilities continues to be rated by Credit
Analysis & Research Ltd. (CARE) and the present rating of the
Company as given by them is BBB (Triple “B”) improved from
BBB – (Triple “B” Minus).
Consolidated Financial StatementIn accordance with the Companies Act, 2013 (“the Act”)
and Accounting Standard (AS)-21 on Consolidated Financial
Statements read with AS-23 on Accounting for Investments
in Associates and AS-27 on Financial Reporting of Interests in
Joint Ventures, the audited consolidated financial statement
is provided in the Annual Report.
Subsidiaries, Joint Ventures and Associate CompaniesDuring the year under review, none of the Company’s
subsidiaries, joint ventures or associate companies have
become or ceased to be Company’s subsidiaries, joint
ventures or associate companies. A report on the performance
and financial position of each of the subsidiaries, associates
and joint venture companies as per the Act is provided as
an Annexure to the consolidated financial statement and
hence not repeated here for the sake of brevity. The Policy
for determining material subsidiaries as approved may be
accessed on the Company’s web site at the link: http://
www.gptinfra.in/investors/corporate_policies.php
Directors’ Responsibility Statement
Your Directors state that:a) in the preparation of the annual accounts for the year
ended March 31, 2017, the applicable accounting
standards read with requirements set out under Schedule
III to the Act, have been followed and there are no
material departures from the same;
b) the Directors have selected such accounting policies
and applied them consistently and made judgments and
estimates that are reasonable and prudent so as to give a
true and fair view of the state of affairs of the Company
as at March 31, 2017 and of the profit of the Company for
the year ended on that date;
c) the Directors have taken proper and sufficient care
for the maintenance of adequate accounting records
in accordance with the provisions of the Act for
safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities;
d) the Directors have prepared the annual accounts on a
‘going concern’ basis;
e) the Directors have laid down internal financial controls
to be followed by the Company and that such internal
financial controls are adequate and are operating
effectively; and
f) the Directors have devised proper systems to ensure
compliance with the provisions of all applicable laws and
that such systems are adequate and operating effectively.
Corporate GovernanceThe Company is committed to maintain the highest
standards of corporate governance and adhere to the
corporate governance requirements set out under the
provisions of the Act and SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 (“Listing
Regulations”). The report on Corporate Governance as
stipulated under the Act and Listing Regulations forms an
integral part of this Report. The requisite certificate from a
Practicing Company Secretary confirming compliance with
the conditions of corporate governance is attached to the
report on Corporate Governance.
16 GPT Infraprojects Limited
Business Risk Management Pursuant to the provisions of Regulation 21 of the Listing
Regulations, the Company is not required to constitute a Risk
Management Committee. The Company has however laid
down procedures to inform Board members about the risk
assessment and minimization procedures. The Company’s
management systems, organizational structures, processes,
standards, code of conduct, Internal Control and Internal
Audit methodologies and processes that governs as to how
the Company conducts the business of the Company and
manages associated risks. The Company has also adopted
Risk Assessment, Minimization and Control Procedures.
At present the Company has not identified any element
of significant risk which may threaten the existence of the
Company.
Contracts and arrangements with related partiesIn line with the requirements of the Act and Listing
Regulations, your Company has formulated a Policy on
Related Party Transactions which is also available on
Company’s website at http://www.gptinfra.in/investors/
corporate_policies.php. The Policy intends to ensure that
proper reporting, approval and disclosure processes are in
place for all transactions between the Company and Related
Parties. This Policy specifically deals with the review and
approval of Material Related Party Transactions keeping in
mind the potential or actual conflicts of interest that may
arise because of entering into these transactions. All Related
Party Transactions are placed before the Audit Committee
for review and approval. Prior omnibus approval is obtained
for Related Party Transactions on a quarterly basis for
transactions which are of repetitive nature and / or entered
in the Ordinary Course of Business and are at Arm’s Length.
All Related Party Transactions entered during the year were
in Ordinary Course of the Business and on Arm’s Length
basis.
No Material Related Party Transactions, i.e. transactions
exceeding ten percent of the annual consolidated turnover
as per the last audited financial statements were entered
into during the year by your Company. Accordingly, the
disclosure of Related Party Transactions as required under
Section 134(3)(h) of the Act in Form AOC 2 is not applicable.
Corporate Social Responsibility (CSR)The Corporate Social Responsibility Committee of the
Board has formulated and recommended to the Board, a
Corporate Social Responsibility Policy (CSR Policy) indicating
the activities to be undertaken by the Company, which
has been approved by the Board. The CSR Policy may be
accessed on the Company’s website at the link: http://www.
gptinfra.in/investors/corporate_policies.php
The Annual Report on CSR activities is annexed herewith
marked as Annexure–I.
Internal Financial ControlsThe Company has in place adequate internal financial
controls with reference to financial statements. During the
year, such controls were tested and no reportable material
weakness in the design or operation were observed.
Directors and Key Managerial PersonnelIn accordance with the provisions of the Act and the Articles
of Association of the Company:
(i) Mr. Vaibhav Tantia, Director & COO of the Company,
retires by rotation at the ensuing Annual General Meeting
and being eligible offered himself for re-appointment.
(ii) Dr. N. N. Som, Independent Director of the Company
has resigned from the Board on and with effect from 23rd
May, 2017 because of his personal reasons. The Board
of Directors place on record their deep appreciation for
the enormous contributions made by Dr. Som as the
Independent Director of the Company from 2007 to
2017. The Company and the Board benefitted immensely
from Dr. Som’s vast experience, knowledge and insights
of the industry and operations of the Company.
(iii) The Company has appointed Mr. Kashi Prasad Khandelwal,
as an Additional Non-Executive Independent Director
with effect from 23rd May, 2017 subject to approval of the
shareholders in the ensuing AGM for a period of five (5)
consecutive years from the date of 37th Annual General
Meeting of the Company up to the conclusion of the
42nd Annual General Meeting of the Company and the
said appointment is subject to the maximum permissible
Directorships that one can hold as per the provisions of
the Companies Act, 2013 and the Listing Regulations and
his office shall not be liable to retire by rotation.
(iv) During the year under review, Mr. Indranil Mitra, the
erstwhile Company Secretary, KMP and Compliance
Officer of the Company has resigned from the services
of the Company with effect from 5th April 2017 and
in his place Mr. Anatha Bandhaba Chakrabartty has
been appointed as the Company Secretary, KMP and
Compliance officer of the Company on and with effect
from 1st June 2017.
37th Annual Report 2016-17 17
Declaration by Independent DirectorsThe Company has received declarations from all the
Independent Directors of the Company confirming that they
meet the criteria of independence as prescribed both under
the Companies Act and Listing Regulations. None of the
Directors have incurred any disqualification under the Act.
Board Evaluation and Remuneration PolicyThe Company has devised a Policy for performance
evaluation of Independent Directors, Board, Committees,
the Chairman and other individual Directors which includes
criteria for performance evaluation of the non-executive
Directors and executive Directors. On the basis of Policy
approved by the Board for performance evaluation of
Independent Directors, Board, Committees and other
individual Directors, a process of evaluation was followed by
the Board for its own performance and that of its Committees
and individual Directors. The details of programmes for
familiarization of Independent Directors with the Company,
their roles, rights, responsibilities in the Company, nature
of the industry in which the Company operates, business
model of the Company and related matters are put up on
the website of the Company and can be accessed at the
link: http://www.gptinfra.in/investors/corporate_policies.
php.
The Nomination and Remuneration Policy of the Company
is attached herewith marked as Annexure – II.
Ratio of Remuneration of Executive Directors to the median remuneration of the employees of the Company as on 31st
March 2017:
(a) The Ratio of remuneration of Executive Directors to the median remuneration of employees of the Company is given
below:
*None of other Directors were paid any remuneration except sitting fees for Mr. D. P. Tantia, Chairman who is entitled to a
commission at a rate of 1% of the net profit amounting to H15.25 Lacs as well.
(b) The percentage increase in remuneration of each Director, Chief Financial Officer, Chief Executive Officer, Company
Secretary or Manager, if any, during the financial year under review:
Name of the Director* Remuneration per annum
(Amount in H in Lacs)
Median Remuneration per
annum
(Amount in H in Lacs)
Ratio (Remuneration
of Director to Median
Remuneration)
Mr. Shree Gopal Tantia 66.00 1.20 55:1
Mr. Atul Tantia 48.00 1.20 40:1
Mr. Vaibhav Tantia 48.00 1.20 40:1
Name of Director/ KMP Designation % increase in
Remuneration
Remuneration of
Director/KMP in FY
2015-16 (H in Lacs)
Remuneration of
Director/KMP in FY
2016-17 (H in Lacs)
Mr. Shree Gopal Tantia Managing Director 10% 60.00 66.00
Mr. Atul Tantia Executive Director 40% 34.20 48.00
Mr. Vaibhav Tantia Director & COO 40% 34.20 48.00
Mr. Arun Kumar Dokania Chief Financial Officer 40% 34.20 48.00
Mr. Indranil Mitra Vice President &
Company Secretary
Nil 4.04
(w.e.f 15/12/2016)
13.20
(c) The percentage increase in the median remuneration of
employees in the financial year (w.e.f 1st April, 2016):(-)
6.74 %
(d) The number of permanent employee on the rolls of the
Company was 1,141 as on 31st March, 2017 as against 729
as on 31st March, 2016.
(e) Average percentile increase already made in the salaries
of employees other than the KMPs in the last financial
year and its comparison with the percentile increase in
the managerial remuneration and justification thereof
and point out if there are any exceptional circumstances
for increase in the managerial remuneration:
18 GPT Infraprojects Limited
Particulars Percentage
Average percentile increase already
made in the salaries of employees other
than the managerial personnel (A)
-6.74%
Percentile increase in the remuneration
of KMPs (B)
29.14%
Comparison of (B-A) 35.88%
Justification: Not Applicable
The above distinction is mainly due to fresh/additional
employment of 573 employees mainly in supervisory level
at construction sites.
(f) Remuneration paid to Directors and KMPs is as per the
Remuneration Policy of the Company.
(g) Remuneration stated hereinabove for the purpose of
comparisons etc. includes basic salary, house rent
allowance & transport allowance as applicable.
(h) Particulars of Employees and related disclosures :
(i) None of the employees of the Company, who, if
employed throughout the financial year, was in
receipt of remuneration for that year which, in the
aggregate, was not less than one cr two lacs rupees
or if employed for a part of the financial year, was in
receipt of remuneration for any part of that year, at a
rate which, in the aggregate, was not less than eight
lacs fifty thousand rupees per month.
(ii) There is no employee of the Company who was
in receipt of remuneration in the year which, in
the aggregate, or as the case may be, at a rate
which, in the aggregate, is in excess of that drawn
by the Managing Director or Whole-time Director
or Manager and holds by himself or along with his
spouse and dependent children, not less than two
percent of the equity shares of the Company.
Human Resources:Your Company treats its “Human Resources” as one of its
most important assets. Your Company continuously invests
in attraction, retention and development of talent on an
ongoing basis. Your Company believes in the promotion of
talent internally through job rotation and job enlargement.
Listing With Stock ExchangesYour Company is presently listed with BSE Limited (BSE)
and also got listed with National Stock Exchange of India
Limited (NSE) with effect from 20th July, 2016. The details
of trading, listing fees etc. are given in the Corporate
Governance Report. Further the Company had voluntarily
De-listed its securities from Calcutta Stock Exchange (CSE)
with effect from 20th September, 2016 because there were
no transactions in this exchange since long.
Auditors And Auditors’ Report
Statutory AuditorsM/s. S. R. Batliboi & Co LLP, Chartered Accountants,
Statutory Auditors of the Company were appointed in the
34th Annual General Meeting held on 29th August 2014 for a
period of five years from conclusion of 34th Annual General
Meeting till the conclusion of the next 5 consecutive Annual
General Meeting subject to ratification of their appointment
by the members at every subsequent Annual General
Meeting. They have confirmed their eligibility to the effect
that their re-appointment, if made, would be within the limits
prescribed under the Act and that they are not disqualified
for re-appointment.
The Notes on financial statement referred to in the Auditors’
Report are self-explanatory and do not call for any further
comments.
Auditors’ Report i. Qualified Opinion given in the Auditor’s Report on
standalone financial statements read with note no 27(C)
forming part of the standalone financial statements,
are self–explanatory and do not call for any further
comments.
ii. Emphasis of Matter given in the Auditor’s Report on
standalone financial statements read with note no 27(B)
forming part of the standalone financial statements,
are self–explanatory and do not call for any further
comments.
Cost AuditorsThe Board had appointed M/s. S.K. Sahu & Associates, Cost
Accountants, as Cost Auditors for conducting the audit of
cost records of the Company for the financial year 2016–17
and necessary Form for their appointment was filed by the
Company with the Ministry of Corporate Affairs within due
date. The said Auditors would be conducting the audit of
Cost records for the year ended 31st March 2017 and submit
their report in due course.
Secretarial AuditorThe Board has appointed M/s. J. Patnaik & Associates,
Company Secretary in Practice, to conduct Secretarial Audit
for the financial year 2016-17. The Secretarial Audit Report
in Form MR-3 for the financial year ended on March 31,
2017 is annexed herewith marked as Annexure-III to this
Report. The Secretarial Audit Report does not contain any
37th Annual Report 2016-17 19
qualification, reservation or adverse remark.
Disclosures:
Audit CommitteeThe Audit Committee comprises Mr. V. N. Purohit,
Independent Director (Chairman), Dr. Mamta Binani,
Independent Director, Mr. Kunal Kumthekar, Nominee
Director and Mr. K. P. Khandelwal, Independent Director
who was appointed with effect from 23rd May, 2017 in place
of Dr. N. N. Som who has resigned from the Directorship
of the Company with effect from 23rd May, 2017. All the
recommendations made by the Audit Committee were
accepted by the Board.
Vigil MechanismThe Vigil Mechanism of the Company also incorporates
a whistle blower policy in terms of the Listing Agreement.
Protected disclosures can be made by a whistle blower
through an e-mail, or a letter to the Chairman of the Audit
Committee. The Policy on vigil mechanism and whistle
blower policy may be accessed on the Company’s website
at the link:
http://www.gptinfra.in/investors/corporate_policies.php
Meetings of the BoardFour meetings of the Board of Directors were held during
the year. For further details, please refer report on Corporate
Governance which is part of this Report.
Particulars of Loans given, Investments made, Guarantees given and Securities providedParticulars of loans given, investments made, guarantees
given and securities provided along with the purpose for
which the loan or guarantee or security is proposed to
be utilized by the recipient are provided in the standalone
financial statement (Please refer to Note 12 and 42 to the
standalone financial statements).
Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and OutgoThe particulars relating to conservation of energy,
technology absorption, foreign exchange earnings and
outgo, as required to be disclosed under the Act, are
provided in Annexure –IV to this Report.
Extract of Annual ReturnExtract of Annual Return of the Company is annexed
herewith as Annexure –V to this Report.
Unpaid/Unclaimed DividendAs on 31st March, 2017, the Company is having a sum of
H8,287.25 (Previous Year H10,894.25) as unpaid/unclaimed
dividend lying in its Unpaid Dividend Account with Banks.
During the year under review no amount which remained
unclaimed and unpaid for a period of seven years, is due for
transfer to Investor’s Education and Protection Fund.
GENERALYour Directors state that no disclosure or reporting is
required in respect of the following items as there were no
transactions on these items during the year under review:
1. Details relating to deposits covered under Chapter V of
the Act.
2. Issue of equity shares with differential rights as to
dividend, voting or otherwise.
3. Issue of shares (including sweat equity shares) to
employees of the Company under any scheme.
4. Neither the Managing Director nor the Whole-time
Directors of the Company received any remuneration or
commission from any of its subsidiaries.
5. No significant or material orders were passed by the
Regulators or Courts or Tribunals which impact the going
concern status and Company’s operations in future.
6. Your Directors further state that during the year under
review, there were no cases filed pursuant to the Sexual
Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013.
7. There were no material changes & commitments
affecting financial position of the Company occurring
between the date of Financial Statements and the
Board’s Report.
8. There were no frauds reported by auditors under sub-
Section (12) of Section 143 other than those which are
reportable to the Central Government.
AcknowledgementYour Directors would like to express their sincere appreciation
for the assistance and co-operation received from the
financial institutions, banks, Government authorities,
customers, vendors and members during the year under
review. Your Directors also wish to place on record their
deep sense of appreciation for the committed services by
the Company’s executives, employees and workers at all
levels.
For and on behalf of the Board of Directors
May 23, 2017 D. P. Tantia
Chairman
Registered office: DIN: 00001341
GPT Center, JC-25, Sector-III,
Salt Lake, Kolkata- 700 098, India
20 GPT Infraprojects Limited
ANNEXURE-I
ANNUAL REPORT ON CORPORATE SOCIAL RESPONSIBILITY (CSR) ACTIVITIESA brief outline of the Company’s CSR policy, including overview of projects or programmes proposed to be undertaken and a
reference to the web-link to the CSR policy and projects or programmes.
CSR Policy of the Company(Approved/Amended by the Board of Directors on 10.08.2016)
Our aim is to be one of the most respected companies in India delivering superior and everlasting value to all our customers, associates, shareholders, employees and Society at large.
The CSR initiatives focus on holistic development of host communities and create social, environmental and economic value to the society. The overall goal is to promote sustainable and inclusive development as a Responsible Corporate Citizen.
This Goal will be achieved through the following broad Objectives:
(i) Eradicating hunger, poverty and malnutrition [promoting health care including preventive healthcare] and sanitation [including contribution to the Swach Bharat Kosh set up by the Central Government for the promotion of sanitation] and making available safe drinking water;
(ii) Promoting education, including special education and employment enhancing vocation skills especially among children, women, elderly and the differently abled and livelihood enhancement projects;
(iii) Promoting gender equality, empowering women, setting up homes and hostels for women and orphans; setting up old age homes, day care centre and such other facilities for senior citizens and measures for reducing inequalities faced by socially and economically backward groups;
(iv) Contribution to the Prime Minister’s National Relief Fund or any other fund set up by the Central Government for
socio-economic development and relief and welfare of the Scheduled Castes, the Scheduled Tribes, other backward classes, minorities and women;
(v) Contributions or funds provided to technology incubators located within academic institutions which are approved by the Central Government;
(vi) Rural development projects
(vii) Slum area development
(viii)Such other matters as may be prescribed from time to time by the Act and Rules there under.
1. The Composition of the CSR Committee:
Sl.
No.
Name of the Member Position
1. Mr. Dwarika Prasad Tantia Chairman
2. Mr. Viswa Nath Purohit Member
3. Mr. Shree Gopal Tantia Member
2. Average net profit of the Company for last three financial years:
Average Net Profit: H5,95,82,427
3. Prescribed CSR Expenditure (Two percent of the amount as in item 2 above)
The Company is required to spend H11,91,649
4. Details of CSR spent during the financial year:
(a) Total amount to be spent for the financial year 2016-17 is C11,91,649
(b) Amount unspent, if any is Nil
(c) Manner in which the amount spent during the financial year is detailed below.
(1) (2) (3) (4) (5) (6) (7)Sl.
No.CSR project or activity identified
Sector in which the Project is covered
Projects or programs
1) Local area or other
2) Specify the State and district where projects or programs was undertaken
Amount outlay (budget) project or programs wise
Amount spent on the Project or programmes during Financial year 2016-17
Cumulative expenditure upto the reporting period
1. Combating diseases Healthcare Kolkata (West Bengal) C11,91,649 C12,00,000 C12,00,000
Details of implementing agency: Govardhan Foundation, a charitable trust registered within the meaning of Income Tax Act, 1961 having a track record of about 12 years.
Sd. SdD. P. Tantia S. G. TantiaChairman Managing DirectorCSR Committee GPT Infraprojects LimitedGPT Infraprojects Limited Dated : 23rd May, 2017Dated : 23rd May, 2017
37th Annual Report 2016-17 21
ANNEXURE-II
NOMINATION AND REMUNERATION POLICY for the Directors, Key Managerial Personnel and other employees
The Compensation Committee of GPT Infraprojects
Limited (“the Company”) was originally constituted on 31st
October 2009. In order to align with the provisions of the
Companies Act, 2013 and the Listing Agreement, the Board
on 29th May, 2014 renamed the “Compensation Committee”
as “Nomination and Remuneration Committee” consisting
of four (4) Non-Executive Directors of which majority are
Independent Directors.
1. Objective:The Nomination and Remuneration Committee and this
Policy is in compliance with Section 178 of the Companies
Act, 2013 read along with the applicable rules thereto and
applicable Listing Regulations. The Key Objectives of the
Committee would be:
a) to guide the Board in relation to appointment and
removal of Directors, Key Managerial Personnel and
Senior Management.
b) to evaluate the performance of the members of the
Board and provide necessary report to the Board for
further evaluation of the Board.
c) to recommend to the Board on Remuneration
payable to the Directors, Key Managerial Personnel
and Senior Management.
2. Definitions: (a) Key Managerial Personnel: Key Managerial Personnel
means—
(i) Chief Executive Officer or the Managing Director
or the Manager;
(ii) Company Secretary;
(iii) Whole-time Directors;
(iv) Chief Financial Officer; and
(v) such other officer as may be prescribed.
(b) Senior Management: Senior Management means
personnel of the Company who are members of
its core management team excluding the Board of
Directors. This would also include all members of
management one level below the Executive Directors
including all functional heads.
3. Role Of Committee: The role of the Committee inter alia will be the following:
a) to formulate a criteria for determining qualifications,
positive attributes and independence of a Director.
b) to recommend to the Board the appointment and
removal of Senior Management.
c) to carry out evaluation of Director’s performance and
recommend to the Board appointment / removal
based on his / her performance.
d) to recommend to the Board on (i) policy relating to
remuneration for Directors, Key Managerial Personnel
and Senior Management and (ii) Executive Directors
remuneration and incentive.
e) to make recommendations to the Board concerning
any matters relating to the continuation in office of
any Director at any time including the suspension or
termination of service of an Executive Director as an
employee of the Company subject to the provision
of the law and their service contract.
f) ensure that level and composition of remuneration
is reasonable and sufficient, relationship of
remuneration to performance is clear and meets
appropriate performance benchmarks.
g) to devise a policy on Board diversity.
h) to develop a succession plan for the Board and to
regularly review the plan.
4. Membership: a) The Committee shall consist of a minimum 3
non-executive Directors, majority of them being
independent.
b) Minimum two (2) members shall constitute a quorum
for the Committee meeting.
c) Membership of the Committee shall be disclosed in
the Annual Report.
d) Term of the Committee shall be continued unless
terminated by the Board of Directors.
22 GPT Infraprojects Limited
5. Chairman:
a) Chairman of the Committee shall be an Independent
Director.
b) Chairperson of the Company may be appointed
as a member of the Committee but shall not be a
Chairman of the Committee.
c) In the absence of the Chairman, the members of the
Committee present at the meeting shall choose one
amongst them to act as Chairman.
d) Chairman of the Nomination and Remuneration
Committee meeting could be present at the Annual
General Meeting or may nominate some other
member to answer the shareholders’ queries.
6. Frequency of Meetings: The meeting of the Committee shall be held at such
regular intervals as may be required.
7. Secretary: The Company Secretary of the Company shall act as
Secretary of the Committee.
8. Nomination Duties: The duties of the Committee in relation to nomination
matters include:
Ensuring that there is an appropriate induction &
training programme in place for new Directors and
members of Senior Management and reviewing its
effectiveness.
Ensuring that on appointment to the Board, Non-
Executive Directors receive a formal letter of
appointment in accordance with the Guidelines
provided under the Companies Act, 2013.
Identifying and recommending Directors who are to
be put forward for retirement by rotation.
Determining the appropriate size, diversity and
composition of the Board.
Setting a formal and transparent procedure for
selecting new Directors for appointment to the
Board.
Developing a succession plan for the Board and
Senior Management and regularly reviewing the plan.
Evaluating the performance of the Board members
and Senior Management in the context of the
Company’s performance from business and
compliance perspective.
Making recommendations to the Board concerning
any matters relating to the continuation in office of
any Director at any time including the suspension or
termination of service of an Executive Director as an
employee of the Company subject to the provision
of the law and their service contract.
Delegating any of its powers to one or more of its
members or the Secretary of the Committee.
Recommend any necessary changes to the Board.
Considering any other matters as may be requested
by the Board.
9. Remuneration Duties: The duties of the Committee in relation to remuneration
matters include:
to consider and determine the Remuneration Policy,
based on the performance and also bearing in mind
that the remuneration is reasonable and sufficient to
attract retain and motivate members of the Board
and such other factors as the Committee shall deem
appropriate all elements of the remuneration of the
members of the Board.
to approve the remuneration of the Senior
Management including key managerial personnel of
the Company maintaining a balance between fixed
and incentive pay reflecting short and long term
performance objectives appropriate to the working
of the Company.
to delegate any of its powers to one or more of its
members or the Secretary of the Committee.
to consider any other matters as may be requested
by the Board.
Professional indemnity and liability insurance for
Directors and senior management.
10. Minutes Of Committee Meeting: Proceedings of all meetings must be minuted and signed
by the Chairman of the Committee at the subsequent
meeting. Minutes of the Committee meetings will be
tabled at the subsequent Board and Committee meeting.
37th Annual Report 2016-17 23
ANNEXURE-III
Form No. MR-3
SECRETARIAL AUDIT REPORT FOR THE FINANCIAL YEAR ENDED 31.03.2017
[Pursuant to Section 204(1) of the Companies Act, 2013 and Rule No.9 of the Companies
(Appointment and Remuneration Personnel) Rules, 2014]
To,
The Members,
GPT Infraprojects Limited
GPT Centre, JC-25, Sector-III, Salt Lake
Kolkata – 700 098
I have conducted the secretarial audit of the compliance
of applicable statutory provisions and the adherence to
good corporate practices by GPT Infraprojects Limited
(hereinafter called “the company”). The Secretarial Audit
was conducted in a manner that provided me a reasonable
basis for evaluating the corporate conducts/statutory
compliances and expressing my opinion thereon. Based
on my verification of the books, papers, minute books,
forms and returns filed and other records maintained by
the company and also the information provided by the
Company, its officers, agents and authorized representatives
during the conduct of secretarial audit, I hereby report that
in my opinion, the company has, during the audit period
covering the financial year ended on 31st March, 2017 has
complied with the statutory provisions listed hereunder
and also that the Company has proper Board-processes
and compliance-mechanism in place to the extent, in the
manner and subject to the reporting made hereinafter:
I have examined the books, papers, minute books, forms
and returns filed and other records maintained by GPT
Infraprojects Limited (“the Company”) for the financial year
ended on 31st March, 2017 according to the provisions of:
(i) The Companies Act, 2013 (the Act) and the rules made
thereunder;
(ii) The Securities Contracts (Regulation) Act, 1956 (‘SCRA’)
and the rules made thereunder;
(iii) The Depositories Act, 1996 and the Regulations and Bye-
laws framed thereunder;
(iv) Foreign Exchange Management Act, 1999 and the
rules and regulations made thereunder to the extent of
Foreign Direct Investment, Overseas Direct Investment
and External Commercial Borrowings;
(v) The following Regulations and Guidelines prescribed
under the Securities and Exchange Board of India Act,
1992 (‘SEBI Act’):-
a) The Securities and Exchange Board of India
(Substantial Acquisition of Shares and Takeovers)
Regulations, 2011;
b) The Securities and Exchange Board of India
(Prohibition of Insider Trading) Regulations, 1992;
c) The Securities and Exchange Board of India (Issue of
Capital and Disclosure Requirements) Regulations,
2009;
d) The Securities and Exchange Board of India
(Employee Stock Option Scheme and Employee
Stock Purchase Scheme) Guidelines, 1999;
e) The Securities and Exchange Board of India (Issue
and Listing of Debt Securities) Regulations, 2008;
f) The Securities and Exchange Board of India (Registrars
to an Issue and Share Transfer Agents) Regulations,
1993 regarding the Companies Act and dealing with
client;
g) The Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements)
Regulations, 2015;
(vi) Other applicable laws generally applicable to the
Industry/Company:
a) The Payment of Wages Act, 1936
b) The Minimum Wages Act, 1948
24 GPT Infraprojects Limited
c) The Payment of Gratuity Act, 1972
d) The Child Labour (Prohibition & Regulations) Act,
1986
e) The Environment (Protection) Act, 1986, read with
the Environment (Protection) Rules, 1986
f) The Water (Prevention & Control of Pollution) Act,
1974 read with Water (Prevention & Control of
Pollution) Rules, 1975
g) The Air (Prevention & Control of Pollution) Act, 1981,
read with the Air (Prevention & Control of Pollution)
Rules, 1982
I have also examined compliance with the applicable clauses
of the following:
(i) Secretarial Standard issued by the Institute of Company
Secretaries of India.
(ii) The Listing Agreements entered into by the Company
with National Stock Exchange of India Limited and BSE
Limited.
During the period under review, the Company has complied
with the provisions of the Act, Rules, Regulations, Guidelines,
Standards, etc. mentioned above.
In respect of other laws specifically applicable to the
Company, I have relied in information / records produced
by the Company during the course of my audit and the
reporting is limited to that extent.
I further report thatThe Board of Directors of the Company is duly constituted
with proper balance of Executive Directors, Non-Executive
Directors and Independent Directors. The changes in the
composition of the Board of Directors that took place during
the period under review were carried out in compliance with
the provisions of the Act.
Adequate notice is given to all directors to schedule the
Board Meetings, agenda and detailed notes on agenda were
sent at least seven days in advance, and a system exists for
seeking and obtaining further information and clarifications
on the agenda items before the meeting and for meaningful
participation at the meeting.
Majority decision is carried through while the dissenting
members’ views are captured and recorded as part of the
minutes.
I further report that there are adequate systems and
processes in the company commensurate with the size
and operations of the company to monitor and ensure
compliance with applicable laws, rules, regulations and
guidelines.
I further report that during the audit period there were no
instances of:
i) Public/Right/Preferential issue of shares/debentures/
sweat equity
ii) Redemption/buy back of securities
iii) Merger/amalgamation/reconstruction, etc
iv) Foreign technical collaborations
v) Entering into any event/s, having a major bearing on the
company’s affairs in pursuance of the above referred
laws, rules, regulations, guidelines, standards, etc.
referred to above.
For J. Patnaik & Associates
Company Secretaries
Sd/-
J. Patnaik, Proprietor
Place: Kolkata FCS No.: 5045
Date: 12th May, 2017 C.P. No.:3102
37th Annual Report 2016-17 25
ANNEXURE-IV
Information under Section 134(m) of the Companies Act, 2013, read with Rule 8
of Companies (Accounts) Rules, 2014, and forming part of the Directors’ Report
for the year ended 31st March, 2017.
A. Conservation of energy
(i) Power factor improvement
(ii) Campaign to create awareness amongst the employees on the necessity of
conservation of energy is practiced regularly.
B. Technology absorption Research and development (R&D): None
Technology absorption, adaptation and innovation: Not applicable
FY 2016-17
D in Lacs
FY 2015-16
H in Lacs
C. Foreign exchange earnings: 614.57 615.31
D. Foreign exchange Outgo: 297.15 446.93
26 GPT Infraprojects Limited
ANNEXURE-V
Form No. MGT-9
EXTRACT OF ANNUAL RETURN AS ON FINANCIAL YEAR ENDED ON 31.03.2017
Pursuant to Section 92 (3) of the Companies Act, 2013 and Rule 12(1) of the Companies
(Management & Administration) Rules, 2014
I. Registration & Other Details1. CIN L20103WB1980PLC032872
2. Registration Date 18 / 07 / 1980
3. Name of the Company GPT Infraprojects Limited
4. Category / Sub-category of the Company Public Limited Company / Limited by Shares.
5. Address of the Registered office & contact
details
GPT Centre, JC-25, Sector-III, Salt Lake, Kolkata-700098, West Bengal (India)
Tel: +91 33 40507000 • Fax: +91 33 40507999
Email Id: [email protected]
6. Whether listed company Yes
7. Name, Address & contact details of the
Registrar and Transfer Agent, if any
Link Intime India Private Limited
59C, Chowringhee Road, 3rd Floor, Kolkata-700020, West Bengal (India)
Tel: +91 33 22890540 • Fax: +91 33 22890539
Email Id:[email protected]
II. Principal Business Activities of the Company All the business activities contributing 10% or more of the total turnover of the company shall be stated:-
Sl. No. Name and Description of main products / servicesNIC Code of the Product /
service% to total turnover of the company
1. Infrastructure 421; 422 & 429 92.44
2. Concrete Sleepers and allied 23952 7.56
III. Particulars of Holding, Subsidiary and Associate Companies Sl.
No.
Name and Address of the Company CIN / GLN Holding /
Subsidiary /
Associate
% of
Shares
held
Applicable Section of
the Companies Act,
20131. Jogbani Highway Private Limited, GPT
Centre, JC-25, Sector-III, Salt Lake,
Kolkata-700098, West Bengal
U45400WB2010PTC150039 Subsidiary 73.33% 2(87) (ii)
2. Superfine Vanijya Private Limited,
GPT Centre, JC-25,
Sector-III, Salt Lake, Kolkata-700098,
West Bengal
U25209WB2006PTC108994 Subsidiary 100% 2(87) (ii)
3. GPT Concrete Products South Africa
Pty Limited, Houghton Estate Office
Park, 2nd Floor Palm Grove, Osborn
Road, Houghton-2198, South Africa
NA Subsidiary 54% 2(87) (ii)
4. GPT Investments Private Limited, St
Louis Business Centre, Cnr Desroches &
St Louis Streets, Port Louis, Republic of
Mauritius
NA Subsidiary 100% 2(87) (ii)
5. GPT Transnamib Concrete Sleepers Pty
Limited, 344 Independence Avenue,
Windhoek, Namibia
NA Associate 37% 2(6)
37th Annual Report 2016-17 27
IV. Share Holding Pattern (Equity Share Capital Breakup as percentage of Total Equity)
i) Category-wise Share Holding
Category of Shareholders
No. of Shares held at the beginning
of the year
No. of Shares held at the end
of the year% Change
during the
yearDemat Physical Total% of Total
SharesDemat Physical Total
% of Total
Shares
A. Promoters (1) Indiana) Individual/ HUF 6263382 0 6263382 43.07 5863382 0 5863382 40.32 -2.75b) Central Govt 0 0 0 0 0 0 0 0 0c) State Govt (s) 0 0 0 0 0 0 0 0 0d) Bodies Corp. 4610398 0 4610398 31.70 5010398 0 5010398 34.45 2.75e) Banks / FI 0 0 0 0 0 0 0 0 0f) Any Other 0 0 0 0 0 0 0 0 0Sub-Total(A) (1) 10873780 0 10873780 74.77 10873780 0 10873780 74.77 0(2) Foreigna) NRIs-Individuals 0 0 0 0 0 0 0 0 0b) Other- Individuals 0 0 0 0 0 0 0 0 0c) Bodies Corp. 0 0 0 0 0 0 0 0 0d) Banks/FI 0 0 0 0 0 0 0 0 0e) Any Other 0 0 0 0 0 0 0 0 0 Sub-Total(A) (2) 0 0 0 0 0 0 0 0 0 Total shareholding
of Promoter (A)=(A)
(1)+(A)(2)
10873780 0 10873780 74.77 10873780 0 10873780 74.77 0
B. Public Shareholding1. Institutionsa) Mutual Funds 0 0 0 0 0 0 0 0 0b) Banks / FI 0 0 0 0 0 0 0 0 0c) Central Govt 0 0 0 0 0 0 0 0 0d) State Govt(s) 0 0 0 0 0 0 0 0 0e) Venture
Capital Funds
0 0 0 0 0 0 0 0 0
f) Insurance
Companies
0 0 0 0 0 0 0 0 0
g) FIIs 0 0 0 0 0 0 0 0 0 h) Foreign Venture
Capital Funds
0 0 0 0 0 0 0 0 0
i) Others (specify)
Foreign
Portfolio Investor
25000 0 25000 0.17 29931 0 29931 0.21 0.04
Sub-total (B)(1):- 25000 0 25000 0.17 29931 0 29931 0.21 0.042. Non-Institutionsa) Bodies Corp. 377640 0 377640 2.60 334972 0 334972 2.30 -0.30i) Indian 0 0 0 0 0 0 0 0 0ii) Overseas 0 0 0 0 0 0 0 0 0b) Individuals 0 0 0 0 0 0 0 0 0i) Individual shareholders
holding nominal share
capital upto H1 lacs
201191 2 201193 1.38 263037 2 263039 1.81 0.43
ii) Individual shareholders
holding nominal share
capital in excess of H1 lacs
631549 0 631549 4.34 805887 0 805887 5.54 1.20
c) Others 200000 0 200000 1.38 0 0 0 0 -1.38 Trust 30405 0 30405 0.21 16893 0 16893 0.12 -0.09 Clearing Member 2168000 0 2168000 14.91 2168000 0 2168000 14.91 0 Foreign Company-
FDI NRIs/NRN
127 0 127 0.00 1634 0 1634 0.01 0.01
28 GPT Infraprojects Limited
Category of Shareholders
No. of Shares held at the beginning
of the year
No. of Shares held at the end
of the year% Change
during the
yearDemat Physical Total% of Total
SharesDemat Physical Total
% of Total
Shares Hindu
Undivided Family
35306 0 35306 0.24 48864 0 48864 0.34 0.10
Sub-total (B)(2):- 3644218 2 3664420 25.06 3639287 2 3639289 25.02 -0.04Total Public
Shareholding(B)=(B)
(1)+(B)(2)
3669218 2 3669220 25.23 3669218 2 3669220 25.23 0.00
C. Shares held by Custodian
for GDRs & ADRs
0 0 0 0 0 0 0 0 0
Grand Total (A+B+C) 14542998 2 14543000 100.00 14542998 2 14543000 100.00 0
ii) Shareholding of Promoters:
Sl.
No.
Shareholder’s Name
Shareholding at the beginning
of the yearShareholding at the end of the year
% change in
shareholding
during the
yearNo. of
Shares
% of total
Shares
of the
company
% of Shares
Pledged /
encumbered
to total
shares#
No. of
Shares
% of total
Shares
of the
company
% of Shares
Pledged /
encumbered
to total shares
1. GPT Sons Private Limited 2976798 20.47 20.47 2976798 20.47 20.47 -
2. GPT Sons Private Limited 1633600 11.23 11.23 2033600 13.98 11.23 2.75
3. Shree Gopal Tantia and Vinita
Tantia
838366 5.76 2.14 838366 5.76 2.14 -
4. Om Tantia & Aruna Tantia 424504 2.92 2.14 374504 2.57 2.14 -0.35
5. Aruna Tantia & Om Tantia 446074 3.07 N.A 396074 2.72 N.A -0.35
6. Vinita Tantia & Shree Gopal
Tantia
460324 3.16 N.A 460324 3.16 N.A -
7. Dwarika Prasad Tantia &
Pramila Tantia
449442 3.09 2.14 449442 3.09 2.14 -
8. Pramila Tantia & Dwarika
Prasad Tantia
444312 3.06 N.A 444312 3.06 N.A -
9. Atul Tantia & Kriti Tantia 417456 2.87 N.A 417456 2.87 N.A -
10. Anurag Tantia & Aruna Tantia 400966 2.76 N.A 300966 2.07 N.A -0.69
11. Amrit Jyoti Tantia & Vinita
Tantia
673840 4.63 N.A 473840 3.26 N.A -1.37
12. Harshika Tantia 300000 2.06 N.A 300000 2.06 N.A -
13. Vaibhav Tantia & Radhika
Tantia
342376 2.35 N.A 342376 2.35 N.A -
14. Kriti Tantia & Atul Tantia 213282 1.47 N.A 213282 1.47 N.A -
15. Shree Gopal Tantia 156654 1.08 N.A 156654 1.08 N.A -
16. Dwarika Prasad Tantia 120926 0.83 N.A 120926 0.83 N.A -
17. Radhika Tantia & Vaibhav
Tantia
100000 0.69 N.A 100000 0.69 N.A -
18. Mridul Tantia & Aruna Tantia 378432 2.60 N.A 378432 2.60 N.A -
19. Om Prakash Tantia 96428 0.66 N.A 96428 0.66 N.A -
Total 10873780 74.77 38.12 10873780 74.77 38.12 -
# Percentage of Shares Pledged / encumbered to total shares of the Company.
37th Annual Report 2016-17 29
iii) Change in Promoters’ Shareholding (please specify, if there is no change) No Change
Sl.
No.
Shareholding at the
beginning of the year
Cumulative Shareholding
during the year
No. of
shares
% of total shares
of the company
No. of
shares
% of total shares
of the company
1. At the beginning of the year 10873780 74.77 10873780 74.77
Date wise Increase / Decrease in Promoters Shareholding
during the year specifying the reasons for increase /
decrease (e.g. allotment /transfer / bonus/ sweat equity
etc.):
NIL NIL NIL NIL
At the end of the year 10873780 74.77 10873780 74.77
iv) Shareholding Pattern of Top Ten Shareholders:
(Other than Directors, Promoters and Holders of GDRs and ADRs):
Sl.
No.Name & Type of Transaction
Shareholding at the beginning
of the year - 2016
Transactions during
the year
Cumulative Shareholding at the
end of the year - 2017
No. of Shares
Held
% of Total
Shares of the
Company
Date of
TransactionNo. of Shares
No of Shares
Held
% of Total
Shares of the
Company
1. Nine Rivers Capital Limited 2168000 14.9075 2168000 14.9075
At the end of the year 2168000 14.9075
2. Mukul Mahavir Agrawal 550000 3.7819 550000 3.7819
At the end of the year 550000 3.7819
3. Hemant Pratapbhai Kotak 0 0.0000 0 0.0000
Transfer 31 Mar 2017 87000 87000 0.5982
At the end of the year 87000 0.5982
4. Pushkar Banijya Limited 0 0.0000 0 0.0000
Transfer 30 Sep 2016 10915 10915 0.0751
Transfer 07 Oct 2016 1421 12336 0.0848
Transfer 21 Oct 2016 15310 27646 0.1901
Transfer 28 Oct 2016 1038 28684 0.1972
Transfer 04 Nov 2016 36933 65617 0.4512
Transfer 11 Nov 2016 1000 66617 0.4581
Transfer 09 Dec 2016 7049 73666 0.5065
At the end of the year 73666 0.5065
5. Vedika Securities. Pvt. Ltd. 29922 0.2057 29922 0.2057
Transfer 29 Apr 2016 200000 229922 1.5810
Transfer 06 May 2016 2500 232422 1.5982
Transfer 13 May 2016 3900 236322 1.6250
Transfer 20 May 2016 (4702) 231620 1.5927
Transfer 10 Jun 2016 2500 234120 1.6098
Transfer 17 Jun 2016 2500 236620 1.6270
Transfer 30 Jun 2016 (200000) 36620 0.2518
Transfer 08 Jul 2016 2000 38620 0.2656
Transfer 15 Jul 2016 1850 40470 0.2783
Transfer 22 Jul 2016 3105 43575 0.2996
Transfer 29 Jul 2016 3004 46579 0.3203
Transfer 05 Aug 2016 (4) 46575 0.3203
Transfer 12 Aug 2016 200000 246575 1.6955
Transfer 19 Aug 2016 (204855) 41720 0.2869
Transfer 26 Aug 2016 845 42565 0.2927
30 GPT Infraprojects Limited
Sl.
No.Name & Type of Transaction
Shareholding at the beginning
of the year - 2016
Transactions during
the year
Cumulative Shareholding at the
end of the year - 2017
No. of Shares
Held
% of Total
Shares of the
Company
Date of
TransactionNo. of Shares
No of Shares
Held
% of Total
Shares of the
Company
Transfer 02 Sep 2016 (2565) 40000 0.2750
Transfer 09 Sep 2016 6170 46170 0.3175
Transfer 16 Sep 2016 3830 50000 0.3438
Transfer 23 Sep 2016 502 50502 0.3473
Transfer 30 Sep 2016 (502) 50000 0.3438
Transfer 14 Oct 2016 88000 138000 0.9489
Transfer 21 Oct 2016 (103811) 34189 0.2351
Transfer 28 Oct 2016 (410) 33779 0.2323
Transfer 25 Nov 2016 163 33942 0.2334
Transfer 02 Dec 2016 3531 37473 0.2577
Transfer 09 Dec 2016 27 37500 0.2579
Transfer 23 Dec 2016 72 37572 0.2584
Transfer 30 Dec 2016 (72) 37500 0.2579
Transfer 03 Feb 2017 105000 142500 0.9799
Transfer 10 Feb 2017 (99519) 42981 0.2955
Transfer 17 Feb 2017 4444 47425 0.3261
Transfer 24 Feb 2017 2587 50012 0.3439
Transfer 03 Mar 2017 826 50838 0.3496
Transfer 10 Mar 2017 100000 150838 1.0372
Transfer 17 Mar 2017 (100000) 50838 0.3496
Transfer 24 Mar 2017 200000 250838 1.7248
Transfer 31 Mar 2017 (200000) 50838 0.3496
At the end of the year 50838 0.3496
6. Priyanka Finance Private Limited 0 0.0000 0 0.0000
Transfer 19 Aug 2016 70000 70000 0.4813
Transfer 23 Sep 2016 (5500) 64500 0.4435
Transfer 30 Sep 2016 (1500) 63000 0.4332
Transfer 07 Oct 2016 (1237) 61763 0.4247
Transfer 21 Oct 2016 (300) 61463 0.4226
Transfer 04 Nov 2016 (150) 61313 0.4216
Transfer 09 Dec 2016 (29) 61284 0.4214
Transfer 06 Jan 2017 (7284) 54000 0.3713
Transfer 17 Feb 2017 (556) 53444 0.3675
Transfer 10 Mar 2017 (3444) 50000 0.3438
At the end of the year 50000 0.3438
7. Femina Stock Management
Company Ltd.
0 0.0000 0 0.0000
Transfer 23 Sep 2016 14979 14979 0.1030
Transfer 30 Sep 2016 19772 34751 0.2390
Transfer 28 Oct 2016 1150 35901 0.2469
Transfer 04 Nov 2016 5820 41721 0.2869
At the end of the year 41721 0.2869
37th Annual Report 2016-17 31
Sl.
No.Name & Type of Transaction
Shareholding at the beginning
of the year - 2016
Transactions during
the year
Cumulative Shareholding at the
end of the year - 2017
No. of Shares
Held
% of Total
Shares of the
Company
Date of
TransactionNo. of Shares
No of Shares
Held
% of Total
Shares of the
Company
8. Kisor Kumar Nadhani 0 0.0000 0 0.0000
Transfer 12 Aug 2016 19396 19396 0.1334
Transfer 19 Aug 2016 1750 21146 0.1454
Transfer 02 Sep 2016 13053 34199 0.2352
Transfer 09 Sep 2016 6400 40599 0.2792
At the end of the year 40599 0.2792
9. LTS Investment Fund Ltd 0 0.0000 0 0.0000
Transfer 29 Apr 2016 7431 7431 0.0511
Transfer 09 Dec 2016 16500 23931 0.1646
Transfer 23 Dec 2016 6000 29931 0.2058
At the end of the year 29931 0.2058
10. Rashmi Keyal 28088 0.1931 28088 0.1931
Transfer 19 Aug 2016 (3000) 25088 0.1725
Transfer 21 Oct 2016 (630) 24458 0.1682
At the end of the year 24458 0.1682
11. Sul Steel Private Limited 65987 0.4537 65987 0.4537
Transfer 24 Jun 2016 35000 100987 0.6944
Transfer 30 Jun 2016 2950 103937 0.7147
Transfer 08 Jul 2016 1000 104937 0.7216
Transfer 15 Jul 2016 2000 106937 0.7353
Transfer 19 Aug 2016 (54000) 52937 0.3640
Transfer 26 Aug 2016 47141 100078 0.6882
Transfer 02 Sep 2016 4740 104818 0.7207
Transfer 14 Oct 2016 (88000) 16818 0.1156
At the end of the year 16818 0.1156
12. Pankaj Karani 28421 0.1954 28421 0.1954
Transfer 13 May 2016 (100) 28321 0.1947
Transfer 24 Jun 2016 (5600) 22721 0.1562
Transfer 01 Jul 2016 (100) 22621 0.1555
Transfer 15 Jul 2016 (737) 21884 0.1505
Transfer 22 Jul 2016 (196) 21688 0.1491
Transfer 29 Jul 2016 (2416) 19272 0.1325
Transfer 05 Aug 2016 1 19273 0.1325
Transfer 19 Aug 2016 (780) 18493 0.1272
Transfer 26 Aug 2016 (2400) 16093 0.1107
Transfer 02 Sep 2016 (341) 15752 0.1083
Transfer 09 Sep 2016 (1303) 14449 0.0994
Transfer 16 Sep 2016 (1395) 13054 0.0898
Transfer 23 Sep 2016 (3192) 9862 0.0678
At the end of the year 9862 0.0678
13. Maverick Share Brokers Limited -
Client Beneficiary A/C
57194 0.3933 57194 0.3933
32 GPT Infraprojects Limited
Sl.
No.Name & Type of Transaction
Shareholding at the beginning
of the year - 2016
Transactions during
the year
Cumulative Shareholding at the
end of the year - 2017
No. of Shares
Held
% of Total
Shares of the
Company
Date of
TransactionNo. of Shares
No of Shares
Held
% of Total
Shares of the
Company
Transfer 22 Apr 2016 500 57694 0.3967
Transfer 29 Apr 2016 82 57776 0.3973
Transfer 13 May 2016 (200) 57576 0.3959
Transfer 20 May 2016 (20000) 37576 0.2584
Transfer 27 May 2016 (200) 37376 0.2570
Transfer 08 Jul 2016 7834 45210 0.3109
Transfer 15 Jul 2016 (2457) 42753 0.2940
Transfer 22 Jul 2016 (162) 42591 0.2929
Transfer 29 Jul 2016 (3570) 39021 0.2683
Transfer 05 Aug 2016 (11200) 27821 0.1913
Transfer 19 Aug 2016 (515) 27306 0.1878
Transfer 26 Aug 2016 (1876) 25430 0.1749
Transfer 02 Sep 2016 (3640) 21790 0.1498
Transfer 09 Sep 2016 (132) 21658 0.1489
Transfer 23 Sep 2016 (1417) 20241 0.1392
Transfer 30 Sep 2016 (191) 20050 0.1379
Transfer 07 Oct 2016 (50) 20000 0.1375
Transfer 14 Oct 2016 500 20500 0.1410
Transfer 21 Oct 2016 (500) 20000 0.1375
Transfer 23 Dec 2016 100 20100 0.1382
Transfer 30 Dec 2016 (100) 20000 0.1375
Transfer 20 Jan 2017 100 20100 0.1382
Transfer 10 Feb 2017 100 20200 0.1389
Transfer 17 Feb 2017 120 20320 0.1397
Transfer 10 Mar 2017 100 20420 0.1404
Transfer 17 Mar 2017 15 20435 0.1405
Transfer 31 Mar 2017 (20420) 15 0.0001
At the end of the year 15 0.0001
14. GPT Employees Welfare Trust 200000 1.3752 200000 1.3752
Transfer 12 Aug 2016 (200000) 0 0.0000
At the end of the year 0 0.0000
15. Happy Home Finance Pvt Ltd 59038 0.4060 59038 0.4060
Transfer 13 May 2016 (5000) 54038 0.3716
Transfer 20 May 2016 (3485) 50553 0.3476
Transfer 03 Jun 2016 (15707) 34846 0.2396
Transfer 17 Jun 2016 (6831) 28015 0.1926
Transfer 24 Jun 2016 (10000) 18015 0.1239
Transfer 19 Aug 2016 (18015) 0 0.0000
At the end of the year 0 0.0000
16. Silver Stallion Limited 25000 0.1719 25000 0.1719
Transfer 12 Aug 2016 10000 35000 0.2407
Transfer 16 Sep 2016 (25000) 10000 0.0688
Transfer 18 Nov 2016 (1264) 8736 0.0601
Transfer 25 Nov 2016 (465) 8271 0.0569
37th Annual Report 2016-17 33
Sl.
No.Name & Type of Transaction
Shareholding at the beginning
of the year - 2016
Transactions during
the year
Cumulative Shareholding at the
end of the year - 2017
No. of Shares
Held
% of Total
Shares of the
Company
Date of
TransactionNo. of Shares
No of Shares
Held
% of Total
Shares of the
Company
Transfer 09 Dec 2016 (59) 8212 0.0565
Transfer 10 Mar 2017 (8212) 0 0.0000
At the end of the year 0 0.0000
v) Shareholding of Directors and Key Managerial Personnel:
Sl.
No.Shareholding of each Directors and each KMP
Shareholding at the beginning
of the year
Cumulative Shareholding
during the year
No. of shares% of total shares
of the CompanyNo. of shares
% of total shares
of the Company
1. Shree Gopal Tantia - Managing DirectorAt the beginning of the year 838,366 5.76 838,366 5.76Date wise Increase / Decrease in Shareholding during the year
specifying the reasons for increase /decrease
(e.g. allotment / transfer / bonus/ sweat equity etc.):
- - - -
At the end of the year 838,366 5.76 838,366 5.762. Dwarika Prasad Tantia - Chairman
At the beginning of the year 449,442 3.09 449,442 3.09Date wise Increase / Decrease in Shareholding during the year
specifying the reasons for increase /decrease
(e.g. allotment / transfer / bonus/ sweat equity etc.):
- - - -
At the end of the year 449,442 3.09 449,442 3.093. Atul Tantia - Executive Director
At the beginning of the year 417,456 2.87 417,456 2.87Date wise Increase / Decrease in Shareholding during the year
specifying the reasons for increase /decrease
(e.g. allotment / transfer / bonus/ sweat equity etc.):
- - - -
At the end of the year 417,456 2.87 417,456 2.874. Vaibhav Tantia-Director & COO
At the beginning of the year 342,376 2.35 342,376 2.35Date wise Increase / Decrease in Shareholding during the year
specifying the reasons for increase /decrease
(e.g. allotment / transfer / bonus/ sweat equity etc.):
- - - -
At the end of the year 342,376 2.35 342,376 2.355. Kunal Kumthekar - Nominee Director
At the beginning of the year - - - -Date wise Increase / Decrease in Shareholding during the year
specifying the reasons for increase /decrease (e.g. allotment /
transfer / bonus/ sweat equity etc.):
- - - -
At the end of the year - - - -6. Viswa Nath Purohit - Independent Director
At the beginning of the year - - - -Date wise Increase / Decrease in Shareholding during the year
specifying the reasons for increase /decrease
(e.g. allotment / transfer / bonus/ sweat equity etc.):
- - - -
At the end of the year - - - -
34 GPT Infraprojects Limited
Sl.
No.Shareholding of each Directors and each KMP
Shareholding at the beginning
of the year
Cumulative Shareholding
during the year
No. of shares% of total shares
of the CompanyNo. of shares
% of total shares
of the Company
7. Nitindra Nath Som - Independent Director
(Resigned w.e.f. 23.05.2017)At the beginning of the year - - - -Date wise Increase / Decrease in Shareholding during the year
specifying the reasons for increase /decrease
(e.g. allotment / transfer / bonus/ sweat equity etc.):
- - - -
At the end of the year - - - -8. Shankar Jyoti Deb - Independent Director
At the beginning of the year - - - -Date wise Increase / Decrease in Shareholding during the year
specifying the reasons for increase /decrease
(e.g. allotment / transfer / bonus/ sweat equity etc.):
- - - -
At the end of the year - - - -
9. Mamta Binani - Independent Director
At the beginning of the year - - - -
Date wise Increase / Decrease in Shareholding during the year
specifying the reasons for increase /decrease
(e.g. allotment / transfer / bonus/ sweat equity etc.):
- - - -
At the end of the year - - - -
10. Sunil Patwari-Independent Director
At the beginning of the year - - - -
Date wise Increase / Decrease in Shareholding during the year
specifying the reasons for increase /decrease
(e.g. allotment / transfer / bonus/ sweat equity etc.):
- - - -
At the end of the year - - - -
11. Kashi Prasad Khandelwal-Independent Director
At the beginning of the year - - - -
Date wise Increase / Decrease in Shareholding during the year
specifying the reasons for increase /decrease
(e.g. allotment / transfer / bonus/ sweat equity etc.):
- - - -
At the end of the year - - - -
12. Arun Kumar Dokania-CFO
At the beginning of the year 720 0.005 720 0.005
Date wise Increase / Decrease in Shareholding during the year
specifying the reasons for increase /decrease
(e.g. allotment / transfer / bonus/ sweat equity etc.):
- - - -
At the end of the year 720 0.005 720 0.005
13. Indranil Mitra- Company Secretary
(Resigned w.e.f. 05.04.2017)
At the beginning of the year - - - -
Date wise Increase / Decrease in Shareholding during the year
specifying the reasons for increase /decrease
(e.g. allotment / transfer / bonus/ sweat equity etc.):
- - - -
At the end of the year - - - -
37th Annual Report 2016-17 35
V) IndebtednessIndebtedness of the Company including interest outstanding/accrued but not due for payment. C in Lacs
Secured Loans
excluding
deposits
Unsecured
Loans
Deposits Total
Indebtedness
Indebtedness at the beginning of the financial year
i) Principal Amount 22,383.18 - - 22,383.18
ii) Interest due but not paid 62.33 - - 62.33
iii) Interest accrued but not due - - - -
Total (i+ii+iii) 22,445.51 - - 22,445.51
Change in Indebtedness during the financial year
* Addition 20,682.13 2,656.68 - 23,338.81
* Reduction 21,949.55 1,575.75 - 23,525.30
Net Change (-) 1,267.42 1,080.93 - (-) 186.49
Indebtedness at the end of the financial year
i) Principal Amount 21,124.49 1,033.75 - 22,158.24
ii) Interest due but not paid 53.60 47.18 - 100.78
iii) Interest accrued but not due - - - -
Total (i+ii+iii) 21,178.09 1,080.93 - 22,259.02
VI. Remuneration of Directors and Key Managerial PersonnelA. Remuneration to Managing Director, Whole-time Directors and / or Manager: C in Lacs
Sl.
No.Particulars of Remuneration
Name of MD / WTD / Manager Total
AmountMr. S.G. Tantia Mr. Atul Tantia Mr. Vaibhav Tantia
1. Gross salary
(a) Salary as per provisions contained in Section 17(1)
of the Income-tax Act, 1961
66.00 51.88 51.88 169.76
(b) Value of perquisites u/s 17(2) Income-tax Act, 1961 2.64 1.28 1.28 5.20
(c) Profits in lieu of salary under Section 17(3) Income-tax
Act, 1961
Nil Nil Nil Nil
2. Stock Option Nil Nil Nil Nil
3. Sweat Equity Nil Nil Nil Nil
4. Commission Nil Nil Nil Nil
- as % of profit
- others, specify
5. Others, please specify
Total (A) 68.64 53.16 53.16 174.96
Ceiling as per the Act:
In view of inadequacy of profits, the remuneration is paid to the Managerial person as per the limit prescribed under Part II of
Section-II of Schedule V of the Companies Act, 2013.
36 GPT Infraprojects Limited
B. Remuneration to other directors: C in Lacs
Sl.
No.Particulars of Remuneration
Name of Directors
Total
AmountMr. D. P.
Tantia
Mr. K.
Kumthekar
Mr. Sunil
Patwari
Mr. V.N.
Purohit
Dr.
N.N.Som
Mr. S.J
Deb
Dr.
Mamta
Binani
1. Independent Directors
Fee for attending board committee
meetings
NA NA 0.70 2.15 1.55 Nil 1.40 5.80
CommissionOthers, please specifyTotal (1) NA NA 0.70 2.15 1.55 Nil 1.40 5.80
2. Other Non-Executive DirectorsFee for attending board committee
meetings
3.20 0.85 NA NA NA NA NA 4.05
Commission 15.25 NA NA NA NA NA NA 15.25Others, please specify
Total (2) 18.45 0.85 NA NA NA NA NA 19.30 Total (B)=(1+2) 18.45 0.85 0.70 2.15 1.55 Nil 1.40 25.10
Total Managerial Remuneration (A+B) 200.06 Overall Ceiling as per Act:
In view of inadequacy of profits, the remuneration is paid to the Managerial person as per the limit prescribed under Part II of Section-II
of Schedule V of the Companies Act, 2013.
C. Remuneration to Key Managerial Personnel other than MD / Manager / WTD C in Lacs
Sl.
No.Particulars of Remuneration
Key Managerial Personnel
TotalCEO Company Secretary Chief Financial Officer
Mr. Indranil Mitra Mr.Arun Kumar Dokania
1. Gross salary
(a) Salary as per provisions contained in
Section 17(1) of the Income-tax Act, 1961
NA 14.32 53.81 68.13
(b) Value of perquisites u/s 17(2) Income-tax
Act, 1961
NA 0.34 1.92 2.26
(c) Profits in lieu of salary under Section 17(3)
Income-tax Act, 1961
NA Nil Nil Nil
2. Stock Option NA Nil Nil Nil3. Sweat Equity NA Nil Nil Nil4. Commission NA Nil Nil Nil - as % of profit NA Nil Nil Nil - others, specify: NA Nil Nil Nil5. Others, please specify NA Nil Nil Nil Total NA 14.66 55.73 70.39
VII. Penalties / Punishment / Compounding of offences: NoneType Section of the
Companies Act
Brief
Description
Details of Penalty / Punishment
/ Compounding fees imposed
Authority
[RD / NCLT /
COURT]
Appeal made, if any
(give details)
A. COMPANY Penalty Punishment CompoundingB. DIRECTORS Penalty Punishment CompoundingC. OTHER OFFICERS
IN DEFAULT
Penalty Punishment Compounding
NIL
37th Annual Report 2016-17 37
Management discussion and analysis
Global economic overviewGlobal economy growth continued to stagnate on account
of weak investment and policy uncertainties in the advanced
economies. The 2016 fiscal was defined by the UK’s
decision to exit the EU and election of Donald Trump as
the US President, events with long-term influences on the
global economy. Consumers largely continued to spend
cautiously with expenditure increasing by just 2.4% in real
terms over 2015, well below the corresponding increase in
disposable incomes. However, the Asia-Pacific region saw
a marked increase in expenditures. Global growth in 2016
was estimated at 2.3% by the World Bank and was projected
to rise to 2.7% in 2017. Growth in emerging markets and
developing economies is expected to pick up in 2017 on the
back of the removal of a number of obstacles for commodity
exporters and continued domestic demand for commodity
importers. The main factors that could possibly weigh on
the medium-term growth prospects across many emerging
markets and developing economies are weak investments
and below par levels of productivity.
OutlookWith the global economy getting stronger in the latter half of
2016, IMF estimates that it will pick steam and grow at 3.4%
in 2017. Emerging markets and developing economies are
projected to grow by 4.5% in 2017. China is expected to clock
a growth of 6.5% but other nations such as Brazil and Mexico
are expected to grow at a more moderate rate. Among the
developed nations, growth projections for nations such
as Germany, Japan, Spain, and the United Kingdom have
been revised upwards due to their stronger-than-expected
performance in the second half of 2016. These nations will
offset the slowing down of the economies of Italy and South
Korea.
Economic growth 2016 2017 2018
Global economy 3.1% 3.4% 3.6%
Advanced economies 1.6% 1.9% 2.0%
Emerging market and
developing economies
4.1% 4.5% 4.8%
Indian economic overviewIndia emerged as a ‘bright spot’ in an otherwise subdued
world economy when it overtook China in 2015-16 as the
fastest-growing major economy in the world. Though India’s
fundamentals still remain strong, the recent demonetisation
initiative undertaken by the Indian Government is expected
to lower India’s GDP from 7.6% in FY16 to 6.8% in FY17.
The IMF mentioned that this cash shortage and slowed
private consumption would only be a temporary disruption
and the otherwise healthy economy will return to familiar
territories post the predicted slowdown in FY17. The Indian
Government’s decisive policy manoeuvres towards ensuring
fiscal consolidation and pegging back inflation will help it
maintain economic stability in the years ahead. FDI grew at
a CAGR of 28% between 2014 and 2016. In 2016, FDI inflows
stood at a level of $46.4 billion, accounting for a 2.1% share
of the GDP. India’s eight core infrastructure industries – coal,
crude oil, natural gas, refinery products, fertilisers, steel,
cement and electricity registered cumulative growth of 4.9%
during the April-November period compared to 2.5% a year
ago.
OutlookInterestingly, India’s fundamentals are expected to emerge
stronger following digitisation, GST implementation,
favorable monsoons, stable oil prices, stronger supply
chain linkages and renewed consumer confidence. In view
of these realities (and the fact that the Chinese economy
continues to remain sluggish), India is likely to retain its
position as the fastest growing major economy with
a projected GDP growth rebound to 7.2% in FY18. The
proposed GST implementation should catalyse inter-state
trade, enhancing investments, reducing supply chain-
related issues, enhancing scale-based economies-of-scale,
moderating overheads and adding about 150 bps to GDP
growth.
38 GPT Infraprojects Limited
India’s macroeconomic indicators
Inflation Till August 2016, retail inflation stayed above
5% but it moderated after the monsoons and
dropped to 3.4% (a two-year low)
Fiscal
deficit
This was budgeted at 3.5% of the GDP in
2016-17 and was revised to 3.2% for the next
fiscal
Trade
deficit
In the period between April to December
2016, the trade deficit narrowed by 25% to
$76.5 billion (compared to $100.1 billion in
the same period in the prior year) due to a
reduction in imports by 7.4%
Currency In the period between April 2016 and January
2017, the INR depreciated by 3.3% and stood
at an average of H67.21 per US dollar
Governmental initiatives Liberalisation of the FDI policy increased FDI inflows
(through the automatic route) from $350 billion to $361
billion during FY2016-17.
Announcement of interest exemptions of 4% and 3% on
loans of up to H9 lac and H12 lac for the urban poor and
a 3% interest exemption on loans of up to H2 lac for the
rural poor.
Launch of the Income Declaration Scheme which
charges a one-time effective tax rate of 45% on
undisclosed income or property.
Loan limits doubled to H2 cr and cash credit limit raised
to 25% for MSMEs.
The announcement of the Benami Transactions
(Prohibition) Act which prohibits illegal transactions and
aims at making the real estate sector more transparent.
The Real Estate (Regulation and Development) Act,
2016 provided a boost to the sector by attracting more
investments and opportunities for FDI.
The Aadhaar (Targeted Delivery of Financial and other
Subsidies, Benefits and Services) Act, 2016 helped in
efficient and transparent delivery of subsidies, benefits
and services to individuals residing in India.
Indian infrastructure segmentThough the Indian infrastructure sector has been gathering
steam over the past decade, an estimated amount of
$1.5 trillion still needs to be spent to create and refurbish
the existing infrastructure. Infrastructure companies have
been deleveraging their balance sheets so as to empower
themselves to undertake new projects. Even support
segments such as building products and ancillary goods
are expected to witness steady growth in line with rising
demand. According to the Ministry of Road Transport and
Highways and Shipping, a revival in investments is expected
in the infrastructure sector which would raise the nation’s
GDP by more than two percentage points over the next two
years and create five million new jobs.
Budgetary provisions Allocation towards the infrastructure sector stood at a
record H3,96,135 cr
Total allocation towards rural, agricultural and allied
sectors stood at a record H1,87,223 cr, up by 24% from
last year
Total capital and developmental expenditure stood
at H1.31 lac cr for railways, of which H55,000 cr will be
provided by the Central Government
Total allocation for development of national highways
stood at H64,000 cr
One cr houses to be completed by 2019 for homeless
and those living in kutcha houses
Total allocation for transport sector stood at H2.41 lac cr
Total allocation for Bharat Net Project stood at H10,000
cr
3,500 km railway lines to be commissioned
in 2017-18
India has the second-largest road network across the world
at 4.7 million km. Indian roads carry ~90% of the country’s
passenger traffic and ~65% of its freight. In India sales of
automobiles and movement of freight by roads is growing
at a rapid rate. Cognisant of the need to create an adequate
road network to cater to the increased traffic and movement
of goods, the Government of India earmarked 20% of an
investment of US$1 trillion reserved for the infrastructure
ROADS
37th Annual Report 2016-17 39
India is to witness huge infrastructure investments and the
railway sector is expected to be robust in the coming few
years. The Indian railway network spans more than 1,08,706
km across 6,853 stations transporting 11,000 trains daily. The
Union Budget 2017-18 estimated that the overall earnings
will rise to H1,89,498 cr in FY2017-18, compared to H1,72,305
cr in FY2016-17.
A research firm BMI predicts that the nation’s transport
sector is expected to witness a growth of 6.1% in real terms
in the year 2017 and on an average grow by 5.9% annually
till 2021, making it the fastest growing component under
the infrastructure division. The funds allocated to this sector
in the Union Budget aim to modernize its services and
operations, making it more efficient.
India possesses the world’s third-largest railway network
controlled by one management. It has 2.4 lac wagons,
sector during the 12th Five Year Plan (2012–17) period to
develop the country’s roads.
Key developments, FY2016-17
More than 4,000 km of roads were constructed during
FY2016-17 using green technology and unconventional
materials such as waste plastic, cold mix, geotextiles, fly
ash, iron and copper slag
Over 26,000 km of four and six-lane national highways
have been built
Under the Pradhan Mantri Gram Sadak Yojana, 133 km of
roads were constructed per day as against an average of
73 km per day in the period 2011 to 2014, leading to an
addition of 47,400 km of roads during FY2016-17
Budgetary provisions
The Cabinet Committee on Economic Affairs has
authorised the NHAI to monetise 75 publicly-funded
highway projects (worth US$ 5.34 billion) via the toll-
operate-transfer mode which will fetch adequate funds
to finance road construction of 2,700 km of road
The Ministry of Road Transport and Highways and NHAI
plan to take up 82 highway development projects under
the Bharatmala project
With the objective of reviving private investment in the
roads sector, the Ministry of Roads and Highways is now
working on a model which proposes allowing bidding
for a road project on the basis of the least present value,
and the other envisages selling off road projects that
have been built using government funds
The Indian Government plans to set up a finance
corporation with an amount of H1 trillion (US$ 15 billion),
in collaboration with Japanese investors, to fund projects
in the roads segment
Outlook
The NHAI is planning an investment of US$ 250 billion in 240
road projects spanning 50,000 km over the next five years. It
has also invited bids for preparing detailed project reports for
the development of roads along the borders and coastlines
under the Bharatmala project. MoRTH has also undertaken
the development of around 7,000 km of highways as a part
of the Bharatmala Pariyojana at an estimated cost of H80,000
cr in consultation with the State Governments. The Union
Government has approved the construction of around 1,000
km of expressways at a cost of H16.68 cr (US$ 2.49 million)
via a design-build-finance-operate-transfer mode. The
corridors approved under this are: Delhi to Chandigarh (249
km), Bengaluru to Chennai (334 km), Delhi to Jaipur (261
km) and Vadodara to Mumbai (400 km). The Government
of India is planning to take on the development of the
Eastern Peripheral Expressway (135 km) at an estimated cost
of H5,763 cr and is also planning to invest H3 trillion for the
development of 35,000 km of roads across the country. Out
of these, 21,000 km will be economic corridors and 14,000
km will be feeder routes. The feeder routes are expected to
better freight movement and ease traffic bottlenecks, thus
improving inter-city connectivity. The Government of India
had set up a panel which has cleared 16 highway projects
worth H7,456 cr for the construction of new roads, expansion
of existing highways and rehabilitation of old ones. Bids are
to be placed across 11 states and the total length of roads
covered is 622 km. The Central Government also plans to
develop 66,117 km of roads under various programs such as
NHDP, SARDP-NE and LWE.
RAILWAYS
40 GPT Infraprojects Limited
63,870 coaches and 9,549 locomotives. More than 19,000
trains operate daily under the Indian Railways.
The Indian Railways is now planning to launch an integrated
mobile application which helps customers avail travel-related
services like hiring taxis, pre-ordering meals, requesting
porter services and lodging at a retiring room among others.
The Indian Government is collaborating with the
Government of Japan for a high speed passenger corridor
project between Ahmedabad and Mumbai which has been
undertaken as per the 2017 Railway Budget. The construction
of the project is likely to start this year itself.
One major initiative being undertaken by the Indian Railways
is to eliminate unmanned level crossings which account for
70% of accidents on railway routes, besides others reasons
such as fire and derailment due to balance issues. Thus
construction of ROBs and RUBs deserve a special attention
and over the next four years Indian Railways have targeted to
completely remove all unmanned crossings, with crossings
on the broad gauge to be priority.
Consequently, the Indian Government has laid a keen
emphasis on improving the railway infrastructure by framing
investor-friendly policies. It has moved quickly to enable
FDI in railways to improve infrastructure for freight and
high-speed trains. At present, several domestic and foreign
companies are also looking to invest in railway projects.
Key developments, FY2016-17 950 km of new lines were laid during the year under
review
>2,000 km of track were electrified and 1,000 km were
gauge converted during the year under review
1,503 unmanned level crossings were eliminated during
the year under review
115 stations were Wi-Fi-enabled and 34,000 bio-toilets
were added
An investment worth H10,736 cr was approved by the
Union Cabinet for decongesting the existing network by
doubling and tripling existing lines
India’s first semi-high speed train was launched between
Delhi’s Hazrat Nizamuddin station and Agra Cantonment,
named the Gatimaan Express
The entire meter gauge has been converted to broad
gauge (BG) in north east region, thus establishing the BG
link with the rest of the country
Railways has also managed to commission 45 freight
terminals, and manufacture 658 locomotives and 4,280
passenger coaches in the financial year 2016-17
Several foreign companies have won contracts for the
development and maintenance of electric locomotives.
Budgetary provisions The total expenditure for FY2017-18 has been calculated
to be H1,31,000 cr of which H55,000 cr will be provided
by the Indian Government for development of Indian
Railways
A Rashtriya Rail Sanraksha Kosh will be created with a
corpus of H1 lac cr over a period of five years to ensure
passenger safety.
3,500 km of railway lines will be commissioned in
FY2017-18
500 stations will be made differently-abled friendly via
the installation of lifts and escalators
About 7,000 stations will become solar-powered over
the medium-term
An SMS-based service called Clean My Coach has been
started to enhance customer experience
There will be single window interface called ‘Coach
Mitra’ which will register all complaints and requirements
of customers
All coaches will be fitted with bio-toilets by 2019
Railway tariffs will be decided after taking into
consideration all costs, quality of service and competition
from other forms of transport
A new Metro Rail Policy will be announced, with focus
on innovative models of implementation, financing,
standardisation and indigenisation of hardware and
software.
A new Metro Rail Act will be enacted by re-evaluating
the existing laws. This will facilitate greater private
participation and investment in construction and
operation of railway networks in the country.
OutlookOver the next five years the railway market is expected to
become the third-largest in the world, accounting for 10% of
the global market. The Central Government is focusing on
37th Annual Report 2016-17 41
infrastructural development to transport increasing freight
volumes.
Moving freight by railways is cheaper and all across the world
it is gaining momentum. Indian railways has always lost
market share to road transportation as railway infrastructure
has been inadequate and services have been poor. Now,
the Indian Railways is building two world-class freight
corridors that will transform the way goods are transported
along India’s busiest routes. The Ministry of Railways has
sanctioned the implementation of the Eastern and Western
Dedicated Freight Corridors with speeds of 100 km per hour
(maximum) by 2020. Consequently, Indian Railways will
carry 50% of the nation’s freight traffic as opposed to the
current 35% and achieve a speed of 160 to 200 km per hour
from current level of 110-130 km per hour. This will aid in
the reduction of commute time between important stations.
This is especially relevant considering that passenger traffic
is expected to increase to 15.18 billion by FY2020-21.
These DFCs are expected to ensure unrestricted movement
of freight trains and will also entail construction of 689 RUBs
and 314 ROBs in the states of the DFC track to make the
entire stretch free from level crossings. A total of 1,003 level
crossings are expected to be eliminated helping in a smooth
movement of rail as well as road traffic.
The Railways are also expected to spend about H10,000 cr
towards renewal of tracks and adopt the latest technology for
the detection of rail fractures to reduce the rate of accidents
to 0%. The government has made a target of renewal of
3,500 km at a cost of H10,513 cr for the year 2017-18.
The Setu Bharatam programme launched by the Indian
government in March 2016 is also expected to build ROBs
and RUBs at railway crossings to ensure safe and seamless
travel on National Highways. The H50,800 cr Setu Bharatam
project aims to ensure highways without railway crossings
by 2019 and overhaul of 1,500 British-era bridges. Under
the project, 208 railway crossings will be replaced by ROBs
by 2019 at an estimated cost of H20,800 cr. Till date, 14
ROBs and RUBs have been sanctioned under the project.
Among which, three ROBs and RUBs have been sanctioned
in Andhra Pradesh, six in Bihar, one in each of the states
of Haryana, Odisha, Punjab, Uttar Pradesh and West Bengal.
Also, 1,500 bridges of the British era across the country will
be overhauled for around H30,000 cr.
The Central government is also envisaging metro rail projects
across many Indian cities over the next decade. A feasibility
study for a high–speed bullet train between Mumbai and
Ahmedabad has been announced. The participation of
domestic and foreign private players increased due to
favourable policy measures. As a result both passenger and
freight traffic is expected to grow rapidly during the coming
years.
PORTSIndian ports and shipping industry plays a major role in trade
and commerce. India ranks sixteenth in the list of maritime
countries and has 12 major and 200 intermediate and
minor ports. Cargo traffic increased by 5.1% y-o-y to 315.4
million tonnes during April-September 2016. Major Indian
ports handled traffic amounting to 586.29 million tonnes
during April 2016-February 2017 compared to 550.45 million
tonnes during 2015-16. Over the last two years, several
major policy and regulatory reforms have been undertaken
by the Central Government resulting in capacity expansion
and service delivery improvement via mechanisation, draft
deepening and speedy evacuation.
Key developments, FY2016-17 415 new projects were identified under the Sagarmala
project with an investment of H8 lac cr
Projects worth H1.37 lac cr have been implemented
This sector witnessed a capacity addition of 100.4 million
tonnes per annum at major Indian ports – the highest
ever
193 lighthouses have been powered by solar energy
during FY2016-17
All land records at major ports have been digitised
The Ministry of Shipping plans to install 160.64 megawatts
of solar and wind-based power systems at all major ports
across India by FY2017-18, thereby boosting the Central
Government’s Green Port initiative
Budgetary provisions The Central Government has planned to undertake
port-modernisation projects worth H91,000 cr, aiming at
creation of a 3 billion-tonne port handling capacity by
2025
42 GPT Infraprojects Limited
The boom in the Indian civil aviation sector is being driven
by factors like low-cost carriers, modern airports, FDI in
domestic airlines, advanced technological interventions and
an increasing focus on connectivity. Growth in passenger
traffic has also increased due to rising disposable incomes
and availability of low-cost aviation. Between FY2006 and
2016, passenger traffic has grown at a CAGR of 11.8%. India
is among the top-five aviation markets in the world. Airbus
expects India’s aviation industry to grow at over 10% annually
over the next decade, almost twice the current growth rate
of the global aviation industry.
Key developments, FY2016-17 Total FDI inflow in the aviation sector between April
2000 and March 2016 stood at US$ 931.05 million
Airbus, a leading European aircraft manufacturer, plans
to invest US$ 40 million in a pilot and maintenance
training centre at New Delhi, which will be operational
by end-2017
The Indian Government plans to enhance regional
connectivity by establishing 50 new airports over the next
three years (10 of these would be operational by 2017)
The Airports Authority of India is building hotels, car parks
and other facilities at 13 regional airports in collaboration
with private players to boost non-aeronautical revenues
The Airports Authority of India aims to improve and
operationalise around 50 airports in India over the
next decade in order to improve regional and remote
connectivity
Budgetary provisions Select airports in Tier-II cities will be operated and
maintained in the PPP mode
The Civil Aviation Ministry received an allocation of
H5,167.60 cr for FY2017-18, an increase of 22% compared
to FY2016-17
Out of this aforementioned allocation, Air India is
expected to receive H1,800 cr in addition to H508 cr from
public enterprises
The Airports Authority of India has been allocated H2,543
cr apart from a budgetary support of H100 cr
The fund allocation towards the Directorate General
of Civil Aviation has increased to H230.56 cr for
FY2017-18
The fund allocation towards the Bureau of Civil Aviation
has been pegged at H214.50 cr
OutlookAccording to the Central Government, about 500 brownfield
and greenfield airports are required by 2020 and the private
sector is being encouraged to become more involved in
airport construction through different PPP models with
substantial support coming in from State Governments. The
Indian aviation sector has a lot of potential for growth as
only 40% of the upper middle-class can afford airfare and
majority of the Indian population still find air travel expensive.
Efficient decision-making will allow the nation’s aviation
industry to realise its vision of becoming the third-largest
aviation market by 2020 and the largest by 2030.
AIRPORTS
The Central Government plans to establish two new
major ports, one at Sagar in West Bengal and the other at
Dugarajapatnam in the Nellore district of Andhra Pradesh
OutlookPorts are important for India’s economy and the government
plans to develop ten coastal economic regions under the
Sagarmala project. These regions would be converted
into manufacturing hubs supported by port modernisation
projects spanning across a 300 to 500-km-long coastline.
Inland waterways are being considered as alternative
means of transporting goods as opposed to roadways and
railways. Developing these waterways would require private
investments in the shipping sector. The Ministries of Road
Transport and Highways and Shipping are optimistic about
bringing about a revolution over the next five years, leading
to the development of eight major ports, 27 industrial
clusters, improvement of port connectivity via roadways and
railways. All this development would need an investment of
~ H400,000 cr. Besides, the Central Government is planning
to invest H70,000 cr in 12 major ports under the Sagarmala
initiative in the next five years. The capacity of the fourth
container terminal of Jawaharlal Nehru Port, Mumbai is
being doubled. In its Maritime Agenda 2010–2020, the
Ministry of Shipping has set itself a target of >3,130 million
metric tonnes by 2020. This would be driven by private
sector participation. Non-major ports are expected to
generate over 50% of this capacity.
37th Annual Report 2016-17 43
The Indian power sector is crucial to the nation’s economy
and uses a variety of materials for power generation. Demand
for electricity is expected to keep on rising in the years ahead.
India currently ranks third among 40 nations as per Ernst and
Young’s Renewable Energy Country Attractiveness Index.
This has been made possible due to governmental interest
towards promoting renewable energy and implementing
projects in a timely manner. The total installed capacity of
power stations in India stood at 3,15,426.32 megawatts as of
February 28, 2017. The Ministry of Power aims to generate
1,229.4 billion units of electricity during FY2017-18, which is
50 billion units more than the target set for FY2016-17.
Key developments, FY2016-17 During the April 2000-December 2016 period, the
industry attracted US$ 11.4 billion in FDI
A capacity addition of 8.5 gigawatts of conventional
energy has been added undertaken during the April
2016-January 2017 period
The Central Government has added 93.5 gigawatts in
terms of power generation capacity under the 12th Five
Year Plan, exceeding the set target of 88.5 gigawatts
293 global and domestic companies are expected to
generate 266 gigawatts of solar, wind, hydroelectric and
biomass power in India over the next five to ten years at
an investment of ~US$ 310–350 billion
Indian Railways plans to award six tenders worth H8,000
cr to establish a country-wide electricity transmission
network, in order to reduce electricity bills
The World Bank Group has promised a sum of US$1
billion towards India’s solar energy projects and also
plans to collaborate with other institutions in developing
financial instruments to support future projects in the
country
An integrated bio-energy mission is to be launched by the
Ministry of New and Renewable Energy at an investment
of H10,000 cr over the next five years so as to enhance
bio-fuel usage (ethanol and biogas)
Budgetary provisions The second phase of the solar park development project
is set to be undertaken which will see 20,000 megawatts
of capacity being added
Budgetary allocation towards the power sector is set to
increase by 51%
The allocation under the Deendayal Upadhyaya Gram
Jyoti Yojana for FY2017-18 has been raised to H4,814 cr
in order to achieve the goal of 100%-rural electrification
by 1st May 2018
Customs duty on LNG has been halved (from 5% to 2.5%)
to support stranded gas power plants
FDI regulations are also expected to be eased with the
proposed abolition of the Foreign Investment Promotion
Board and extension of concessional withholding tax
on external commercial borrowings thereby pumping in
money into the energy sector
Plans have been made to install 1,000 megawatts of
solar capacity at railway stations
A capital subsidy (of up to 25%) under the Modified
Special Incentive Package Scheme and the Electronics
Development Fund will benefit domestic solar cell
and module manufacturers as well as foreign players
planning setting up base in India
OutlookThe Central Government is taking active steps towards
transforming the nation’s power sector. Over the next four
or five years an investment of H15 trillion will be channelised
towards power generation, distribution, transmission, and
equipment purchase. The goal is to generate two trillion
kilowatt-hours of energy by 2019, doubling the current
production capacity, to provide 24x7 electricity for residential,
industrial, commercial and agriculture usage. It is also taking
steps to boost power generation from renewable sources by
providing a 10-year tax exemption for solar energy projects.
This will allow India to achieve its renewable energy target
by adding 175 gigawatts (including 100 gigawatts of solar
power) by 2022. The Central Government is also restarting
stalled hydro power projects and has increased the wind
energy production target to 60 gigawatts by 2022 as
compared to the current 20 gigawatts.
POWER
44 GPT Infraprojects Limited
Report on
Corporate Governance
1. The Company’s philosophy on Code of Governancea) Ensure that the quantity, quality and frequency of financial
and managerial information, which the management
shares with the Board, fully places the Board Members in
control of the Company’s affairs.
b) Ensure that the Board exercises its fiduciary responsibilities
towards shareowners and creditors, thereby ensuring
high accountability.
c) Ensure that the extent to which the information is
disclosed to present and potential investors is maximized.
d) Ensure that decision-making is transparent and
documentary evidence is traceable through the minutes
of the meetings of the Board/Committee thereof.
e) Ensure that the Board, the management, the employees
and all concerned are fully committed in maximizing
long-term values to the shareowners and the Company.
f) Ensure that the core values of the Company are
protected.
g) Ensure that the Company positions itself from time to
time to be at par with other world-class companies in
operating practices.
2. Board of Directors
2.1 Composition and Category of Directors
As on 31st March 2017, the Board comprises Ten
Directors, of which seven were Non-Executive
Directors comprising five Independent Directors,
one Nominee Director of private equity investor and
the Non-Executive Chairman, and three others were
Executive Directors. The Company’s day-to-day affairs
are being managed by three Executive Directors, one
of whom is designated as the Managing Director of
the Company.
In accordance with Regulation 34(3) read with Schedule-V of Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015 (“Listing Regulations”) with the stock exchanges of India, the report containing
details of governance systems and processes at GPT Infraprojects Limited is as under:-
2.2 Board composition and attendance at Board Meetings and last Annual General Meeting and particulars of other Directorships, Chairmanships/Memberships
Sl. No.
Name and Designation of Director
Status
Board Meetings during FY 2016-17
Attendance in last AGM
Other Companies (number)
Held Attended DirectorshipCommittee Chairman-
ship
Committee Membership
(including Chairmanship)
1. Mr. Dwarika Prasad
Tantia, Chairman
Non-Executive /
Promoter Director
4 4 Yes 5 Nil Nil
2 Mr. Shree Gopal Tantia,
Managing Director
Executive/
Promoter Director
4 4 Yes 3 Nil Nil
3. Mr. Atul Tantia,
Executive Director
Executive /
Promoter Director
4 4 Yes 4 Nil 2
4. Mr. Vaibhav Tantia,
Director & COO
Executive / Promoter
Director
4 4 No 1 Nil Nil
5. Mr. Viswa Nath Purohit,
Director
Non-Executive /
Independent
Director
4 4 Yes 2 6 6
6. Dr. Nitindra Nath Som,
Director (resigned w.e.f
23rd May, 2017)
Non-Executive
/ Independent
Director
4 4 Yes 1 Nil Nil
37th Annual Report 2016-17 45
Sl. No.
Name and Designation of Director
Status
Board Meetings during FY 2016-17
Attendance in last AGM
Other Companies (number)
Held Attended DirectorshipCommittee Chairman-
ship
Committee Membership
(including Chairmanship)
7. Mr. Kunal Kumthekar,
Director
Non-Executive /
Nominee Director
4 2 No 6 Nil Nil
8. Mr. Sunil Patwari,
Director
Non-Executive
/ Independent
Director
4 2 No 7 Nil 3
9. Dr. Mamta Binani,
Director
Non-Executive
/ Independent
Director
4 4 No 6 1 8
10. Mr. Shankar Jyoti Deb,
Director
Non-Executive
/ Independent
Director
4 4 No Nil Nil Nil
2.3 Details of Board Meetings held during FY 2016-17
Sl. No. Date of Board Meeting Board strength Number of Directors present
1. 25th May, 2016 10 10
2. 10th August, 2016 10 9
3. 10th November, 2016 10 9
4. 9th February, 2017 10 8
2.4 Disclosure of relationships between Directors
inter-se
Mr. Atul Tantia and Mr. Vaibhav Tantia are brothers and
they are sons of Mr. Dwarika Prasad Tantia.
Rest all Directors are unrelated to each other.
2.5 Details of Shareholding of Non-Executive Directors
Name of the Non-Executive
Director
No. of Equity
Shares
No. of
convertible
instrument
Mr. Dwarika Prasad Tantia 449,442 NA
Mr. Viswa Nath Purohit Nil NA
Dr. Nitindra Nath Som
(resigned with effect from
23rd May, 2017)
Nil NA
Mr. Kunal Kumthekar Nil NA
Dr. Mamta Binani Nil NA
Mr. Sunil Patwari Nil NA
Mr. Shankar Jyoti Deb Nil NA
2.6 Web link where details of familiarization programs
imparted to Independent Directors is disclosed
http://www.gptinfra.in/investors/corporate_policies.php
3. Audit CommitteeThe present terms of reference of Audit Committee
includes the powers as laid down in Schedule II Part C read
with Regulation 18(3) of the Listing Regulations. The Audit
Committee also reviews information as per the requirement
of Schedule of Regulation 18(3) of the Listing Regulations.
The terms of the Audit Committee are also aligned as per
the provisions of Section 177 of the Companies Act, 2013.
3.1 Terms of reference
The terms of reference of Audit Committee are completely
aligned with the terms laid down in the Companies Act,
2013 and Schedule II Part C read with Regulation 18(3) of
the Listing Regulations. The brief description of the terms of
reference of the Audit Committee is as follows:
1. Oversight of the company’s financial reporting process
and the disclosure of its financial information to ensure
that the financial statement is correct, sufficient and
credible.
2. Recommendation for appointment, remuneration and
terms of appointment of auditors of the company.
3. Approval of payment to statutory auditors for any other
services rendered by the statutory auditors.
46 GPT Infraprojects Limited
4. Reviewing, with the management, the annual financial
statements and auditor’s report thereon before
submission to the board for approval, with particular
reference to:
a. Matters required to be included in the Director’s
Responsibility Statement to be included in the
Board’s report in terms of clause (c) of sub-section 3
of Section 134 of the Companies Act, 2013.
b. Changes, if any, in accounting policies and practices
and reasons for the same.
c. Major accounting entries involving estimates based
on the exercise of judgment by management.
d. Significant adjustments made in the financial
statements arising out of audit findings.
e. Compliance with listing and other legal requirements
relating to financial statements.
f. Disclosure of any related party transactions.
g. Qualifications in the draft audit report.
5. Reviewing, with the management, the quarterly financial
statements before submission to the board for approval.
6. Reviewing, with the management, the statement of uses
/ application of funds raised through an issue (public
issue, rights issue, preferential issue, etc.), the statement
of funds utilized for purposes other than those stated in
the offer document / prospectus / notice and the report
submitted by the monitoring agency monitoring the
utilization of proceeds of a public or rights issue, and
making appropriate recommendations to the Board to
take up steps in this matter.
7. Review and monitor the auditor’s independence and
performance, and effectiveness of audit process.
8. Approval or any subsequent modification of transactions
of the company with related parties.
9. Scrutiny of inter-corporate loans and investments.
10. Valuation of undertakings or assets of the company,
wherever it is necessary.
11. Evaluation of internal financial controls and risk
management systems.
12. Reviewing, with the management, performance of
statutory and internal auditors, adequacy of the internal
control systems.
13. Reviewing the adequacy of internal audit function, if any,
including the structure of the internal audit department,
staffing and seniority of the official heading the
department, reporting structure coverage and frequency
of internal audit.
14. Discussion with internal auditors of any significant
findings and follow up there on.
15. Reviewing the findings of any internal investigations
by the internal auditors into matters where there is
suspected fraud or irregularity or a failure of internal
control systems of a material nature and reporting the
matter to the board.
16. Discussion with statutory auditors before the audit
commences, about the nature and scope of audit as
well as post-audit discussion to ascertain any area of
concern.
17. To look into the reasons for substantial defaults in
the payment to the depositors, debenture holders,
shareholders (in case of non-payment of declared
dividends) and creditors.
18. To review the functioning of the Vigil (Whistle Blower)
Mechanism.
19. Approval of appointment of CFO (i.e., the whole-time
Finance Director or any other person heading the finance
function or discharging that function) after assessing the
qualifications, experience and background, etc. of the
candidate.
20. Carrying out any other function as is mentioned in the
terms of reference of the Audit Committee.
21. Monitoring the end use of funds raised through public
offers and related matters.
22. To seek information from any employee.
23. To obtain outside legal or other professional advice.
24. To secure attendance of outsiders with relevant expertise,
if it considers necessary.
25. To investigate any activity within its terms of reference.
26. To perform such other functions consistent with
applicable regulatory requirements.
The Audit Committee may also review such matters as are
considered appropriate by it or referred to it by the Board.
37th Annual Report 2016-17 47
3.2 Composition of Committee, Name of Members and Chairperson and Attendance of Members The composition of the Audit Committee was in accordance with the requirements of Regulation 18(1) of the Listing
Regulations and Section 177 of the Companies Act, 2013 as on 31st March 2017, the Committee comprises four Non-
Executive Directors of which three are Independent Directors and one is a Nominee Director.
As per the requirements of Regulation 18 of the Listing Regulations and Section 177 of the Companies Act, 2013, all
members of the Audit Committee are financially literate with at least one member having expertise in accounting or
related financial management. The Chairman of the Audit Committee attended the previous Annual General Meeting held
on 19th August, 2016.
Sl.
No.
Name of the Director and
position
Attendance in Committee Meeting held during FY 2016-1725th May 2016 10th August 2016 10th November 2016 9th February 2017
1. Mr. Viswa Nath Purohit,
Chairman
(Independent Director)
Yes Yes Yes Yes
2. Dr. Nitindra Nath Som, Member
(Independent Director) (resigned
with effect from 23rd May, 2017)
Yes Yes Yes Yes
3. Mr. Kunal Kumthekar, Member
(Nominee Director)
Yes Yes No No
4. Dr. Mamta Binani, Member
(Independent Director)
Yes Yes Yes Yes
In addition to the members of the Audit Committee, the
meetings are attended by the heads of accounts, finance,
and other respective functional heads of the Company, and
by those executives of the Company who are considered
necessary for providing inputs to the Committee and also by
statutory auditors and internal auditors of the Company. The
Company Secretary acts as the Secretary of the Committee.
4. Nomination and Remuneration Committee (NRC) The terms of reference of Nomination and Remuneration
Committee are completely aligned with the terms laid
down in the Companies Act, 2013 and Regulation 19
read with Schedule II Part D of the Listing Regulations.
The brief description of the terms of reference of the
Nomination and Remuneration Committee is as follows:
4.1 Terms of Referencea) To identify persons who are qualified to become directors
and who may be appointed in senior management in
accordance with the criteria laid down, to recommend
to the Board their appointment and removal and carry
out evaluation of every director’s performance.
b) To formulate the policy/criteria for determining
qualifications, positive attributes and independence of a
director and recommend to the Board a policy, relating
to the remuneration for the directors, key managerial
personnel and other employees.
c) To formulate the criteria for evaluation of Independent
Directors and the Board as well as to devise a policy on
Board diversity.
d) To recommend/approve the appointment of Directors
including Whole-time Directors, Managing Directors and
Key managerial personnel.
e) To recommend/approve terms, conditions, remuneration
and compensation of Whole-time Directors, Managing
Directors and Key managerial personnel including
commission on profits to Directors.
f) To frame/review the remuneration policy in relation to
Whole-time Directors/Managing Director, Senior Officers
of the Company.
g) To determine and recommend the Compensation for
loss of office of managing or whole-time director or
manager of the Company under Section 202 of the
Companies Act, 2013.
h) To recommend/approve the related party’s appointment
to any office or place of profit in the company, its
subsidiary company or associate company along with
its terms, conditions and compensation under Section
188(1)(f) of the Companies Act, 2013.
48 GPT Infraprojects Limited
i) To consider, recommend and/or approve Employee
Stock Option Schemes and to administer and supervise
the same.
j) To formulate/modify the detailed terms and conditions of
the Employee Stock Option Scheme including quantum
of option, exercise period, the right of an employee.
k) To provide for the welfare of employees or
ex-employees, Directors or Ex-Directors and the wives,
widows, and families of the dependents or connections
of such persons.
l) To frame suitable policies and systems to ensure that
there is no violation of SEBI regulations.
m) To perform such other functions consistent with
applicable regulatory requirements.
4.2 Composition of Committee, Name of Members and Chairperson and attendance of members The Nomination and Remuneration Committee of the Board comprises four Non-Executive Directors of which two are
Independent Directors, one is a nominee Director and the other is a Non-executive Director. The Committee is headed
by Mr. Sunil Patwari, Independent Director of the Company.
The Company Secretary acts as the Secretary of the Committee.
4.3 Performance Evaluation Criteria for Independent Directors Some of the specific issues and questions that are considered in the performance evaluation of an Independent Director,
(the exercise in which the concerned director being evaluated shall not be included) are set out below:
Based on the above criteria each of the Independent Directors are assessed by the other directors (including other Independent
Directors) by giving a rating of Surpasses Expectations (3) or Meets Expectations (2) or Below Expectations (1). The total of the
ratings so awarded are averaged over the number of persons who have awarded the rating.
Sl.
No.
Name of the Director and position No. of Committee Meeting held during
FY 2016-17 and attendance
25th May 2016 10th November 2016 9th February 2017
1. Mr. Sunil Patwari, Chairman,
Non-Executive Independent Director
Yes Yes No
2. Mr. Dwarika Prasad Tantia, Member,
Non-Executive Director
Yes Yes Yes
3. Mr. Kunal Kumthekar, Member,
Non-Executive Nominee Director
Yes No No
4. Mr. Viswa Nath Purohit, Member,
Non-Executive Independent Director
Yes Yes Yes
Sl. No. Assessment Criteria
1. Attendance and participations in the Meetings and timely inputs on the minutes of the meetings.
2. Adherence to ethical standards & code of conduct of Company and disclosure of non – independence, as and
when it exists and disclosure of interest.
3. Raising of valid concerns to the Board and constructive contribution to resolution of issues at meetings.
4. Interpersonal relations with other Directors and management.
5. Objective evaluation of Board’s performance, rendering independent, unbiased opinion, etc.
6. Understanding of the Company and the external environment in which it operates and contribution to strategic
direction.
7. Safeguarding interest of whistle-blowers under vigil mechanism and safeguarding of confidential information.
8. Qualifications, Experience, Knowledge and Competency, Fulfillment of functions, Ability to function as a team,
Initiative, Availability and attendance, Commitment, Contribution, Integrity, Independence and Independent views
and judgement
37th Annual Report 2016-17 49
5. Remuneration of Directors
5.1 All pecuniary relationship of transactions of Non-Executive Directors There are a total of seven Non-Executive Directors in the Company. Six of the Non-Executive Directors draw sitting fee of
C20,000/- for attending each Board Meeting and C15,000/- for attending each of the Committee Meetings.
Mr. S. J. Deb, a Non-Executive Director had requested for voluntary waiver of sitting fees payable to him for attending the
Board and Committee Meetings of the Company, which the Board approved in the Board Meeting held on 26th May, 2015.
Mr. Dwarika Prasad Tantia, the Non-Executive Chairman of the Company, draws the said amount of sitting fee for attending
the Board and Committee Meetings of the Company and is also entitled to Commission at a rate of 1% of net profits of
the Company for a period of three years commencing on 1st April, 2014 and ending on 31st March, 2017, as approved by
the shareholders of the Company at their meeting held on 29th August, 2014.
These are the only criteria for making payment to the Non-Executive Directors of the Company.
5.2 Disclosures with respect to remuneration of Directors Details of remuneration and sitting fees paid to the Directors during FY 2016-17 C in Lacs
Element of Remuneration of
Executive Directors
Mr. Shree Gopal Tantia
Executive / Promoter
Director
Mr. Atul Tantia
Executive / Promoter
Director
Mr. Vaibhav Tantia
Executive / Promoter
Director
Salary 66.00 32.00 32.00
House Rent Allowance Nil 16.00 16.00
Bonus 0.00 3.88 3.88
Medical Allowance 2.64 1.28 1.28
Remuneration for earlier
year paid upon Central
Government approval
NA NA NA
Total 68.64 53.16 53.16
C in Lacs
Element of Remuneration of Non-Executive Directors
Commission Sitting fees Total
Mr. Dwarika Prasad Tantia Non-Executive / Promoter Director
15.25 3.20 18.45
Mr. Viswa Nath Purohit Non-Executive / Independent Director
Nil 2.15 2.15
Dr. Nitindra Nath Som (resigned w.e.f 23rd
May, 2017) Non-Executive / Independent Director
Nil 1.55 1.55
Mr. Kunal Kumthekar Non-Executive / Nominee Director
Nil 0.85 0.85
Dr. Mamta Binani Non-Executive / Independent Director
Nil 1.40 1.40
Mr. Sunil Patwari Non-Executive / Independent Director
Nil 0.70 0.70
5.3 Service Contracts, Notice Period, Severance Fees Mr. Shree Gopal Tantia, Managing Director of the
Company was re-appointed for a period of three years
from 1st August, 2015 to 31st July, 2018 at a monthly
remuneration of C5,00,000/- subject to a maximum
of C10,00,000/- per month. The Board of Directors
at its meeting held on 10th November, 2016 at the
recommendation of Nomination & Remuneration
Committee of the Board of Directors of the Company
had increased the remuneration of Mr. Shree Gopal Tantia
from C5,00,000/- to C6,00,000/- plus bonus, allowances
and perquisites as per Company’s rules, to be paid to Mr.
Shree Gopal Tantia with effect from 1st October, 2016.
50 GPT Infraprojects Limited
Mr. Atul Tantia, was re-appointed as a Whole-time Director,
designated as Executive Director of the Company for a
period of three years from 1st August, 2015 to 31st July,
2018, at a monthly remuneration of C2,00,000/- subject
to a maximum of C4,00,000/- per month plus HRA being
50% of salary. The Board of Directors at their Meeting
held on 25th May, 2016, at the recommendation of the
Nomination and Remuneration Committee of the Board
of Directors of the Company had increased the monthly
remuneration of Mr. Atul Tantia to C2,50,000/- plus
HRA being 50% of salary, plus bonus, allowances and
perquisites as per Company’s rules, to be paid to Mr. Atul
Tantia with effect from 1st June, 2016.
Subsequently the Board of Directors at their meeting
held on 11th November, 2016, at the recommendation
of the Nomination and Remuneration Committee of the
Board of Directors of the Company had increased the
monthly remuneration of Mr. Atul Tantia to H3,00,000/-
plus HRA being 50% of salary, plus bonus, allowances and
perquisites as per Company’s rules, to be paid to Mr. Atul
Tantia with effect from 1st October, 2016.
Mr. Vaibhav Tantia, was re-appointed as a Whole-time
Director, designated as Director & Chief Operating
Officer of the Company for a period of three years
from 1st August, 2015 to 31st July, 2018, at a monthly
remuneration of C2,00,000/- subject to a maximum of
C4,00,000/- per month plus HRA being 50% of salary.
The Board of Directors at their Meeting held on 25th May,
2016, at the recommendation of the Nomination and
Remuneration Committee of the Board of Directors of
the Company had increased the monthly remuneration
of Mr. Vaibhav Tantia to C2,50,000/- plus HRA being 50%
of salary, plus bonus, allowances and perquisites as per
Company’s rules, to be paid to Mr. Vaibhav Tantia with
effect from 1st June, 2016.
Subsequently the Board of Directors at their meeting held
on 11th November, 2016, at the recommendation of the
Nomination and Remuneration Committee of the Board
of Directors of the Company had increased the monthly
remuneration of Mr. Vaibhav Tantia to C3,00,000/- plus
HRA being 50% of salary, plus bonus, allowances and
perquisites as per Company’s rules, to be paid to Mr.
Vaibhav Tantia with effect from 1st October, 2016.
General Terms and Conditions applicable to all the
above Directors:
a) In addition they are entitled for bonus, medical allowance,
medical group insurance, personal accident insurance,
leave travel concession/allowance, earned/privilege
leave and its encashment, gratuity as per company’s
employment rules.
b) Club fee (subject to maximum of two clubs) and car
along with driver & telephone at residence and mobile
phone for official purpose.
c) The remuneration stated above be paid as minimum
remuneration notwithstanding that in any financial
year the company has made no profit or the profits are
inadequate.
All the above re-appointments were approved in the
Board meeting held on 13th August, 2015 and requisite
approval from the shareholders of the Company at the
36th Annual General Meeting.
No Stock Option is provided to any of the Directors of
the Company.
6. Stakeholders Relationship Committee (SRC) The Stakeholders Relationship Committee of the
Board comprises two Directors of which one was a
Non-Executive Independent Director and the other
is an Executive Director. Dr. Nitindra Nath Som, the
Non-Executive Independent Director (resigned with
effect from 23rd May, 2017) acts as the Chairman of the
Committee.
The Company Secretary acts as the Secretary of the
Committee.
6.1 Composition of Committee and attendance of members
Sl.
No.
Name of Director and
position
No. of Committee
Meeting held
during FY 2016-17
and attendance
17th May, 2016
1. Dr. Nitindra Nath Som,
Chairman,
Non-Executive Independent
Director (resigned with effect
from 23rd May, 2017)
Yes
2. Mr. Atul Tantia, Member,
Executive Director
Yes
37th Annual Report 2016-17 51
6.2 Other information
Name of Non-Executive Director
heading the Committee
Dr. Nitindra Nath
Som, Independent
Director (resigned
w.e.f 23rd May, 2017)
Name and designation of
Compliance Officer
Mr. Indranil Mitra,
Company Secretary
(Resigned w.e.f 5th
April, 2017)
Number of shareholders’
complaints received so far
2
Number resolved to the
satisfaction of shareholders
2
Number of pending complaints None
Number of share transfer pending None
7. Share Allotment and Transfer Committee The Share Allotment and Transfer Committee of the
Board comprises four Directors of whom, three are Non-
Executive Directors including two Independent Directors
and one is Executive Director. The said committee is
headed by Mr. Dwarika Prasad Tantia, Non-Executive
Director of the Company.
7.1 Composition of Committee and Attendance of Members
Sl.
No.
Name of Director and
position
No. Of Committee
Meeting held
during FY 2016-17
and Attendance
1. Mr. Dwarika Prasad Tantia,
Chairman, Non-Executive
Director
Nil
2. Mr. Shree Gopal Tantia,
Member, Executive Director
Nil
3. Dr. Nitindra Nath Som,
Member, Independent
Director (resigned with effect
from 23rd May, 2017)
Nil
In addition to the above members, the Company Secretary
of the Company acts as the Secretary to the Committee.
The Committee meets as and when required on need basis.
8. Executive Committee The Executive Committee of the Board comprises three
Directors, of whom two are Executive Directors and one
is a Non-Executive Director.
8.1 Composition of Committee and attendance of members
Sl.
No.
Name of Director and
position
Attendance at
the Committee
Meeting
1 Mr. Dwarika Prasad Tantia,
Chairman, Non-Executive
Director
11 11
2 Mr. Shree Gopal Tantia,
Member, Managing Director/
Executive Director
11 11
3 Mr. Atul Tantia, Member,
Executive Director
11 11
In addition to the above members, the Company Secretary
of the Company acts as the Secretary to the Committee.
The Committee meets as and when required on need basis.
9. Corporate Social Responsibility (CSR) Committee The CSR Committee of the Board comprises three
Directors, out of which one is Non-executive Director,
one is Non-executive Independent Director and one is
an Executive Director. The Committee is headed by Mr.
Dwarika Prasad Tantia, Non-executive Director.
9.1 Composition of Committee and attendance of members
Sl.
No.
Name of Director and
position
Attendance at the
Committee Meeting
25th May,
2016
10th
August,
2016
1 Mr. Dwarika Prasad Tantia,
Chairman, Non-Executive
Director
Yes Yes
2 Mr. Shree Gopal Tantia,
Member, Managing Director/
Executive Director
Yes Yes
3 Mr. Viswa Nath Purohit,
Non- Executive Independent
Director
Yes Yes
The Company Secretary of the Company acts as the
Secretary to the Committee.
52 GPT Infraprojects Limited
10. General meetings
10.1 The last three Annual General Meetings with details of location, time and special resolutions passed
Date 19th August, 2016 1st Septembner, 2015 29th August, 2014
Time 3.00 p.m. 3.00 p.m. 3.00 p.m.
Venue CII-Suresh Neotia
Centre of Excellence
for Leadership, DC-
36, Ground Floor,
Sector-I, Salt Lake City
(behind City Centre)
Kolkata-700064
CII-Suresh Neotia Centre of Excellence for
Leadership, DC-36, Ground Floor, Sector-I, Salt
Lake City (behind City Centre), Kolkata-700064
CII-Suresh Neotia Centre of
Excellence for Leadership
DC-36, 1st Floor, Sector-I, Salt
Lake City, Kolkata - 700064
Details of special
resolutions
passed in the
Annual
General Meeting
1) Alteration of Articles
of Association of the
Company.
2) Re-Appointment of
Mr. Shree Gopal Tantia
as Managing Director.
3) Re-Appointment of
Mr. Atul Tantia as Whole-
Time Director.
4) Re-Appointment of
Mr. Vaibhav Tantia as
Whole-Time Director
1) Appointment of Sri Shankar Jyoti Deb as an
Independent Director.
2) Alteration of Articles of Association of the
Company.
1) Regularization of borrowing
limits of the Company
in compliance with the
provisions of Section 180(1)(c)
of the Companies Act, 2013.
2) Re-appointment of Sri
Himangsu Sekhar Sinha as an
Independent Director of the
Company.
3) Re-appointment of Sri
Viswa Nath Purohit as
Independent Director of the
Company.
4) Re-appointment of
Dr. Nitindra Nath Som as
Independent Director of the
Company.
5) Appointment of Sri Sunil
Patwari as an Independent
Director of the Company.
6) Appointment of Dr. Mamta
Binani as an Independent
Director of the Company.
7) Waiver of recovery of
excess remuneration paid
to Sri Shree Gopal Tantia,
Managing Director for the
Financial Year 2013-14.
37th Annual Report 2016-17 53
Date 19thAugust, 2016 1st Septembner, 2015 29th August, 2014
8) Payment of excess
remuneration paid to
Sri Shree Gopal Tantia,
Managing Director for the
Financial Year 2013-14.
9) Payment of excess
remuneration to Sri Atul
Tantia, Whole –time Director
for the Financial Year 2013-
14.
10) Payment of excess
remuneration to Sri Vaibhav
Tantia, Whole –time Director
for the Financial Year
2013-14.
11) Revision in terms of
remuneration of Sri Shree
Gopal Tantia, Managing
Director of the Company.
12) Revision in terms of
remuneration of Sri Atul
Tantia, Executive Director of
the Company.
13) Revision in terms of
remuneration of Sri Vaibhav
Tantia, Director and COO of
the Company.
14) Payment of Commission
to Sri Dwarika Prasad Tantia,
Chairman of the Company.
10.2 Extraordinary General Meeting No Extraordinary General Meeting was held during the
financial year ended 31st March 2017.
10.3 Other information During the year ended 31st March 2017, a resolution was
passed by the Company’s shareholders through postal
ballot (e-voting and postal ballot form) on 12th September,
2016 related to Raising of funds by the Company. The
postal ballot was conducted by J. Patnaik & Associates
(Mr. Jitendra Patnaik), Practicing Company Secretary
who was the scrutinizer. At the ensuing Annual General
Meeting, there is no resolution proposed to be passed by
postal ballot.
11. Means of communication
a. Quarterly, half-yearly and annual results The Company’s quarterly, half-yearly and annual
financial statements are generally published in “The
Economic Times”, “The Business Standard” (English
language) and in “Kalantar”/“Dainik Statesman” (local
language). The financial statements are also displayed
on the Company’s website.
54 GPT Infraprojects Limited
b. Website where displayed
http://www.gptinfra.in
c. Whether it also displays official news releases :
Yes, it is displayed on the above website.
d. Whether presentations were made to Institutional
Investors or to the analysts :
Yes. They are displayed on the above website.
12. General shareholder information
12.1 Company registration details The Company is registered in the State of West Bengal,
India. The Corporate Identification Number (CIN) of the
Company is L20103WB1980PLC032872.
12.2 Annual General Meeting Day: Friday; Date : 18th August, 2017; Time : 3.00 PM;
Venue : CII-Suresh Neotia Centre Of Excellence For
Leadership at DC-36, Sector-I, Salt Lake City (behind
City Centre), Kolkata-700064.
12.3 Financial year The financial year of the Company is from 1st April to
31st March.
12.4 Dividend payment date The Company had paid its 1st Interim Dividend on
10th August, 2016 and 2nd Interim Dividend on 29th
April, 2017.
12.5 Listing on Stock Exchange details: Exchange*
Code/Trading Symbol ISIN
(i) BSE Limited(BSE) 533761 INE390G01014
(ii) National Stock GPTINFRA INE390G01014
Exchange of India
Limited(NSE)
*The Company had voluntary De-listed its securities
with Calcutta Stock Exchange (CSE) with effect from
20th September, 2016 and got listed with NSE with effect
from 20th July, 2016.
Payment of listing fees:
Annual listing fee for the financial year 2016-17 has been
paid to the respective Stock Exchanges.
12.6 Market price data Monthly high/low of market price of the Company’s
Equity Shares traded on BSE Limited, Calcutta Stock
Exchange Limited and National Stock Exchange of
India Limited during the financial year 2016-17 was as
under:
A) BSE Limited
Month High (D) Low (D)
April, 2016 230.00 186.50
May, 2016 250.00 207.10
June, 2016 250.95 220.00
July, 2016 249.95 225.90
August, 2016 269.00 221.00
September, 2016 294.00 245.10
October, 2016 299.85 269.00
November, 2016 288.00 192.05
December, 2016 255.50 205.00
January, 2017 265.45 220.10
February, 2017 270.00 232.10
March, 2017 294.10 202.60
B) Calcutta Stock Exchange Limited: During the year,
there was no transaction in the shares of the Company.
C) NSE Limited
Month High (D) Low (D)
April, 2016 NA NA
May, 2016 NA NA
June, 2016 NA NA
July, 2016 250.40 225.00
August, 2016 264.08 201.50
September, 2016 307.00 230.60
October, 2016 303.90 265.10
November, 2016 282.95 194.00
December, 2016 250.95 192.60
January, 2017 263.40 223.30
February, 2017 265.45 235.50
March, 2017 260.00 222.35
37th Annual Report 2016-17 55
12.7 Performance of Company’s Equity Shares in comparison to BSE and NSE
BSE
50
100
150
200
250
300
Apr-1
6
May
-16
Jun-
16
Jul-1
6
Aug-
16
Sep-
16
Oct
-16
Nov
-16
Dec
-16
Jan-
17
Feb-
17
Mar
-17
GPT Infraprojects LimitedBSE India Infrastructure Index
NSE
GPT Infraprojects LimitedNifty Infra
2,500
2,600
2,700
2,800
2,900
210
220
230
240
250
260
270
280
290
3,000
3,100
3,200
Jul-1
6
Aug-
16
Sep-
16
Oct
-16
Nov
-16
Dec
-16
Jan-
17
Feb-
17
Mar
-17
12.8 Registrar and Share transfer agents LINK INTIME INDIA PRIVATE LIMITED
Operational Office Address: 59C, Chowringhee Road, 3rd Floor, Kolkata-700020
Tel.: 033-22890540; Fax: 033-22890539
E-Mail: [email protected]
12.9 Share transfer system The Company has in place a proper and adequate share transfer system. The Company formed a Committee known as
“Share Allotment & Transfer Committee” to process share transfer request as delegated by the Board of Directors of the
Company. Link Intime India Pvt Limited, the Registrar and Share Transfer Agent of the Company was appointed to ensure
that the share transfer system is maintained in physical as well as electronic form.
56 GPT Infraprojects Limited
12.10 Distribution of shareholding as on 31st March 2017a. Distribution of shareholding according to the size of holding
Number of sharesShareholders Shares Face value of shares
Number Percentage Quantity D Percentage
Up to 500 1096 87.2611 53813 538130 0.3700
501 – 1,000 50 3.9809 40320 403200 0.2772
1,001 – 2,000 23 1.8312 36363 363630 0.2500
2,001 – 3,000 7 0.5573 18327 183270 0.1260
3,001 – 4,000 18 1.4331 66484 664840 0.4572
4,001 – 5,000 6 0.4777 29620 296200 0.2037
5,001 – 10,000 15 1.1943 119504 1195040 0.8217
10,001 and Above 41 3.2643 14178569 141785690 97.4941
Total 1256 100 14543000 145430000 100
b. Distribution of shares by shareholder category
Category Number of shareholders Number of shares held Voting strength (%)
Promoters –Corporate bodies 2 5010398 34.45
Promoters-Directors, their relatives 17 5863382 40.32
Corporate bodies (Domestic)/ Trusts 73 351865 2.42
Banks Nil Nil Nil
Mutual Funds Nil Nil Nil
Financial Institutions (FIs) Nil Nil Nil
Foreign Institutional Investors (FIIs) Nil Nil Nil
Non-Resident Individuals (NRIs)/ foreign
corporate bodies/ overseas corporate
bodies (OCBs) /foreign banks
12 2199565 15.12
Resident individuals 1152 1117790 7.69
Total 1256 14543000 100.00
c. Top 10 shareholders
Name(s) of shareholders Category Number of shares Percentage
GPT Sons Private Limited Promoter 50,10,398 34.45
Nine Rivers Capital Limited Public 21,68,000 14.91
Shree Gopal Tantia and Vinita Tantia Promoter 8,38,366 5.76
Mukul Mahavir Agrawal Public 5,50,000 3.79
Amrit Jyoti Tantia and Vinita Tantia Promoter 4,73,840 3.26
Vinita Tantia and Shree Gopal Tantia Promoter 4,60,324 3.17
Dwarika Prasad Tantia and Pramila Tantia Promoter 4,49,442 3.09
Pramila Tantia & Dwarika Prasad Tantia Promoter 4,44,312 3.06
Atul Tantia and Kriti Tantia Promoter 4,17,456 2.87
Aruna Tantia and Om Tantia Promoter 3,96,074 2.72
37th Annual Report 2016-17 57
12.11 Dematerialization of shares and liquidity Equity Shares of the Company are held both
in dematerialized and physical form as on
31st March 2017.
Status of dematerialization Number of
shares
Percentage
of total
shares
Shares held in NSDL 14001351 96.28
Shares held in CDSL 541647 3.72
Shares held in physical
form
2 0
12.12 Outstanding GDRs/ADRs, Warrants, ESOP and Convertible instruments, conversion date and likely impact on equity
a. As on 31st March 2017 the Company did not have
any outstanding GDRs/ADRs, Warrants, other
convertible instruments.
b. Employees’ Stock Option Plans (ESOPs) : None
12.13 Commodity price risk or foreign exchange risk and hedging activities
There are no commodity price risks or commodity
hedging activities involved.
12.14 Plant locations Concrete sleeper division:
1. P-Way Depot, Panagarh, Dist. Burdwan,
West Bengal-713148
2. Fatehpur, Village - Ikari, P.O. – Bilanda,
P.S. - Tharion, District– Fatehpur, Pin - 212 645,
Uttar Pradesh
3. Mirzapur, Mohanpur - Pahadi Road,
Towards Pahara Railway Station,
Village - Toswa, P.O. – Pahara, P.S. - Padari,
District – Mirzapur, Pin - 231 001, Uttar Pradesh
12.15 Address for correspondence Registered/Corporate office:
GPT Infraprojects Limited
GPT Centre, JC-25, Sector-III,
Salt Lake, Kolkata-700098,
West Bengal, India
Tel: +91-33-4050-7000
Fax: +91-33-4050-7399
Email: [email protected]
Website: http://www.gptinfra.in
Investor correspondence:
All shareholders complaints/queries in respect of
their shareholdings may be addressed to:
Company Secretary & Compliance Officer
GPT Infraprojects Limited,
GPT Centre, JC-25, Sector-III, Salt Lake,
Kolkata-700098, West Bengal, India,
Tel: +91-33-4050-7000
Fax +91-33-4050-7399
Email: [email protected]
Queries relating to financial statements and Company
performance, among others, may be addressed to:
Mr. Arun Kumar Dokania,
Chief Financial Officer
GPT Infraprojects Limited,
GPT Centre, JC-25, Sector-III, Salt Lake,
Kolkata-700098, West Bengal, India,
Tel: +91-33-4050-7000,
Fax +91-33-4050-7399
Email: [email protected]
13. Disclosures a. Disclosure on materially-significant related party
transactions of the Company, that may have
potential conflict with the interests of the Company
at large
The Company does not have any material-related
party transactions, which may have potential
conflict with its interests at large. In any case,
disclosures regarding the transactions with related
parties are given in the notes to the Accounts of
financial statements.
b. Details of non-compliance by the Company,
penalties, strictures imposed on the Company
by the Stock Exchanges or SEBI or any statutory
authority, on any matter related to Capital Markets
during the last three years
There has not been any non-compliance on part of
the Company or any payment of any penalty this
year to the Stock Exchange, SEBI or any statutory
authority on any matter related to capital markets.
c. Details of establishment of Vigil Mechanism,
Whistle Blower Policy and affirmation that no
personnel has been denied access to the audit
committee
The Company in its Board Meeting dated 29th
May, 2014, adopted the Vigil Mechanism, Whistle
58 GPT Infraprojects Limited
Blower Policy. The Company’s code of conduct
encourages all its employees who have concerns
about their work or the business of the Company,
to discuss these issues with their line managers.
The employees also have free access to Human
Resource and Audit Committee for resolving their
concerns.
As per the requirement of the Companies Act,
2013 and Regulation 22 of the Listing Regulations,
the Company has framed its Whistle Blower (Vigil
Mechanism) Policy to enable all employees and
their directors to report in good faith and violation
of the Code of Conduct as stated in the policy.
d. Details of compliance with mandatory requirements
and adoption of the non-mandatory requirements
The Company has complied with all mandatory
requirements under the applicable provisions of
Listing Regulations.
e. Web link where policy for determining ‘material’
subsidiaries is disclosed
http://www.gptinfra.in/investors/corporate_
policies.php
f. Web link where policy on dealing with related party
transactions is disclosed
http://www.gptinfra.in/investors/corporate_
policies.php
g. Disclosure of commodity price risks and
commodity hedging activities
There are no commodity price risks or commodity
hedging activities involved.
14. Disclosure on discretionary requirements as specified in Part E of Schedule II of the Listing Regulations
a. The Board
Has a Non-Executive Chairman. The expenses
incurred by him in the performance of his duties are
reimbursed.
b. Shareholder’s Rights
The Company publishes quarterly unaudited
financial results in the newspapers and also displays
it on the Company’s website www.gptinfra.in.
Accordingly, it does not envisage sending the same
separately to the shareholders.
c. Modified opinion(s) in audit report
The Company endeavors to maintain a regime of
unmodified audit opinion.
d. Separate posts for chairperson and chief executive
officer
The Company has appointed separate persons to
the post of chairperson and managing director or
chief executive officer.
e. Reporting of internal auditor
The internal auditor reports directly to the audit
committee and submits their reports directly to the
audit committee.
15. Compliance with the Corporate Governance requirements under the Listing Regulations
The Company discloses that it has complied with the
corporate governance requirements specified under
Regulations 17 to 27 and Clauses (b) to (i) of sub
regulation (2) of Regulation 46 of the Listing Regulations.
Subject: Compliance with Code of Conduct
As required under Regulation 34(3) of the Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015, I hereby declare that all the Members of the Board of Directors and Senior Management
Personnel of the Company have affirmed compliance with the Code of Conduct of the Board of Directors and Senior
Management for the year ended 31st March 2017.
Place: Kolkata S. G. Tantia
Date: 23rd May, 2017 Managing Director
37th Annual Report 2016-17 59
Company Secretary Certificate on Corporate Governance
To
The Members of
GPT Infraprojects Limited
We have examined the compliance of conditions of Corporate Governance by GPT Infraprojects Limited, for the year ended
on 31st March 2017, as stipulated under the relevant provisions of Securities and Exchange Board of India (Listing Obligations
and Disclosure Requirements) Regulations, 2015 (LODR) as referred to in Regulation 15(2) of the LODR.
The compliance of conditions of Corporate Governance is the responsibility of the management. Our examination was
limited to procedures and implementation thereof, adopted by the Company for ensuring the compliance of the conditions
of the Corporate Governance. It is neither an audit nor an expression of opinion on the financial statements of the Company.
In our opinion and to the best of our information and according to the explanations given to us, we certify that the Company
has complied with the conditions of Corporate Governance as stipulated in the above mentioned Listing Agreement/LODR,
as applicable.
We further state that such compliance is neither an assurance as to the future viability of the Company nor the efficiency or
effectiveness with which the management has conducted the affairs of the Company.
For J Patnaik & Associates
Company Secretaries
J.Patnaik
Proprietor
Place: Kolkata FCS : 5045
Date: 15th May, 2017 C.P.:3102
60 GPT Infraprojects Limited
CEO / CFO Certification
The Board of Directors
GPT Infraprojects Limited
We, S. G. Tantia, Managing Director and A. K. Dokania, Chief Financial Officer of GPT Infraprojects Limited certify to the Board
that, we have reviewed financial statements and the cash flow statement for the year ended 31st March 2017.
1. To the best of our knowledge and belief, we certify that:
a) These statements do not contain any materially-false statement or omit any material fact nor do they contain
statements that might be misleading;
b) These statements together present a true and fair view of the Company, and are in compliance with the existing
Accounting Standards, applicable laws and regulations;
c) There are no transactions entered into by the Company during the year that are fraudulent, illegal or which violates
the Company’s Code of Conduct.
2. We accept the responsibility for establishing and maintaining internal controls for financial reporting and we have evaluated
the effectiveness of internal control systems of the Company pertaining to financial reporting; and deficiencies in the
design or operation of such internal controls, if any of which we are aware have been disclosed to the Auditors and the
Audit Committee and steps have been taken to rectify these deficiencies.
3. We have indicated to Auditors and Audit Committee that:
a) There has not been any significant change in internal control over financial reporting during the year under reference;
b) There are no significant changes in accounting policies during the year; and
c) We are not aware of any instance during the year of significant fraud with involvement therein of the management or
any employee having a significant role in the Company’s internal control system over financial reporting.
Place: Kolkata A. K. Dokania S. G. Tantia
Date: 23rd May, 2017 Chief Financial Officer Managing Director
37th Annual Report 2016-17 61
62 GPT Infraprojects Limited
To the Members of
GPT Infraprojects Limited
Report on the Financial Statements
We have audited the accompanying standalone financial
statements of GPT Infraprojects Limited (“the Company”), which
comprise the Balance Sheet as at March 31, 2017, the Statement
of Profit and Loss and Cash Flow Statement for the year then
ended, and a summary of significant accounting policies and
other explanatory information, in which are incorporated the
returns for the year ended on that date, audited by the branch
auditors of the Company’s branch at Mozambique.
Management’s Responsibility for the Financial Statements
The Company’s Board of Directors is responsible for the
matters stated in Section 134(5) of the Companies Act, 2013
(“the Act”) with respect to the preparation of these standalone
financial statements that give a true and fair view of the financial
position, financial performance and cash flows of the Company
in accordance with accounting principles generally accepted
in India, including the Accounting Standards specified under
Section 133 of the Act, read with Rule 7 of the Companies
(Accounts) Rules, 2014 and Companies (Accounting Standards)
Amendment Rules, 2016. This responsibility also includes
maintenance of adequate accounting records in accordance
with the provisions of the Act for safeguarding of the assets
of the Company and for preventing and detecting frauds and
other irregularities; selection and application of appropriate
accounting policies; making judgments and estimates that
are reasonable and prudent; and the design, implementation
and maintenance of adequate internal financial control that
were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the
preparation and presentation of the financial statements that
give a true and fair view and are free from material misstatement,
whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express an opinion on these standalone
financial statements based on our audit. We have taken into
account the provisions of the Act, the accounting and auditing
standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules
made thereunder. We conducted our audit in accordance with
the Standards on Auditing, issued by the Institute of Chartered
Accountants of India, specified under Section 143(10) of the
Act. Those Standards require that we comply with ethical
requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit
evidence about the amounts and disclosures in the financial
statements. The procedures selected depend on the
auditor’s judgment, including the assessment of the risks of
material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the
auditor considers internal financial control relevant to the
Company’s preparation of the financial statements that give
a true and fair view in order to design audit procedures that
are appropriate in the circumstances. An audit also includes
evaluating the appropriateness of accounting policies used
and the reasonableness of the accounting estimates made
by the Company’s Directors, as well as evaluating the overall
presentation of the financial statements. We believe that the
audit evidence we have obtained is sufficient and appropriate to
provide a basis for our qualified audit opinion.
Basis for qualified opinion
Attention is invited to note 27(C) to the standalone financial
statements regarding unbilled revenue, accrued price
escalations and trade receivables, all classified by management
as current, on certain completed construction contracts
aggregating ` 3,895.08 lacs, which are yet to be billed /
realised by the Company and that are largely outstanding for
more than 3 years. Due to the uncertainties over the eventual
billings / collections of the said amounts, we are unable to
comment on the appropriateness or otherwise of the aforesaid
balances being carried forward or their classification as current
in these standalone financial statements including the extent
of recoverability of the above asset balances, the period over
which these are expected to be recovered and any other
consequential impact that may arise in this regard.
Qualified opinion
In our opinion and to the best of our information and according
to the explanations given to us, except for the possible effects
of the matter described in the Basis for Qualified Opinion
paragraph above, the aforesaid standalone financial statements
Independent Auditor’s Report
37th Annual Report 2016-17 63
give the information required by the Act in the manner so
required and give a true and fair view in conformity with the
accounting principles generally accepted in India, of the state
of affairs of the Company as at March 31, 2017, of its profit and
its cash flows for the year ended on that date.
Emphasis of Matter
a) Attention is drawn to note no. 27(B) of the standalone
financial statements regarding discontinuation of execution
of an EPC contract by the Company (such contract was
received from its subsidiary) pursuant to the termination
of a concession agreement between the subsidiary and its
customer and the uncertainty on recoverability of net assets
aggregating ` 1,971.95 lacs as at March 31, 2017.
b) Attention is drawn to note no. 27(D) of the standalone
financial statements regarding the uncertainty on
recoverability of Company’s investment aggregating `
687.13 lacs in respect of a joint venture operation, wherein
the underlying projects is completed and as represented
to us, the management of the joint venture operation has
initiated arbitration proceedings for recovery of dues.
c) Attention is drawn to note no. 27(E) of the standalone financial
statements regarding the uncertainty on recoverability of
Company’s investment aggregating ` 1,117.71 lacs in respect
of a joint venture operation, wherein the underlying project
is completed and as represented to us, the management of
the joint venture operation has filed a claim on the customer
for recovery of its dues.
Our opinion is not qualified in respect of these matters.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor’s report) Order, 2016
(“the Order”) issued by the Central Government of India in
terms of sub-section (11) of Section 143 of the Act, we give
in the “Annexure 1”, a statement on the matters specified in
paragraphs 3 and 4 of the Order.
2. As required by Section 143(3) of the Act, we report that:
(a) We have sought and, except for the matter described
in the Basis for Qualified Opinion paragraph, obtained
all the information and explanations which to the best
of our knowledge and belief were necessary for the
purpose of our audit;
(b) Except for the possible effects of the matter described
in the Basis for Qualified Opinion paragraph, in our
opinion proper books of account as required by law
have been kept by the Company so far as appears from
our examination of those books and proper returns
adequate for the purposes of our audit has been
received from branch not visited by us;
(c) The report on the accounts of the branch office of
the Company audited under Section 143 (8) of the Act
by branch auditor has been sent to us and have been
properly dealt by us in preparing this report;
(d) The Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement dealt with by this Report are in
agreement with the books of account and with the
returns received from branch not visited by us;
(e) Except for the possible effects of the matter described
in the Basis for Qualified Opinion paragraph, in our
opinion, the aforesaid standalone financial statements
comply with the Accounting Standards specified under
Section 133 of the Act, read with Rule 7 of the Companies
(Accounts) Rules, 2014 and the Companies (Accounting
Standards) Amendment Rules, 2016;
(f) The matters described in the Basis for Qualified Opinion
paragraph and Emphasis of Matter paragraphs above,
in our opinion, may have an adverse effect on the
functioning of the Company;
(g) On the basis of written representations received from
the directors as on March 31, 2017, and taken on record
by the Board of Directors, none of the directors is
disqualified as on March 31, 2017, from being appointed
as a director in terms of Section 164 (2) of the Companies
Act, 2013;
(h) The qualification relating to the maintenance of
accounts and other matters connected therewith are
as stated in the Basis for Qualified Opinion paragraph
above.
(i) With respect to the adequacy of the internal financial
controls over financial reporting of the Company and
the operating effectiveness of such controls, refer to our
separate Report in “Annexure 2” to this report;
(j) With respect to the other matters to be included in
the Auditor’s Report in accordance with Rule 11 of the
64 GPT Infraprojects Limited
Companies (Audit and Auditors) Rules, 2014, in our
opinion and to the best of our information and according
to the explanations given to us:
i. The Company has disclosed the impact of pending
litigations on its financial position in its financial
statements – Refer Note 27(A) and 27(B) to the
standalone financial statements;
ii. Except for the possible effects of the matter described
in the Basis of Qualified Opinion paragraph, the
Company has made provision, as required under the
applicable law or accounting standards, for material
foreseeable losses, if any, on long-term contracts
including derivative contracts;
iii. There were no amounts which were required to be
transferred to the Investor Education and Protection
Fund by the Company.
iv. The Company has provided requisite disclosures in
Note 43 to these standalone financial statements as
to the holding of Specified Bank Notes on November
8, 2016 and December 30, 2016 as well as dealings
in Specified Bank Notes during the period from
November 8, 2016 to December 30, 2016. However,
we are unable to obtain sufficient and appropriate
audit evidence to report on whether the disclosures
are in accordance with books of account maintained
by the Company and as produced to us by the
management.
Other Matter
We did not audit financial statements of the Company’s joint
ventures, whose financial statements reflect the Company’s
share of ` 352.51 lacs in the net profit of the joint ventures for
the year ended March 31, 2017. Those financial statements and
other financial information have been audited by other auditors
whose report has been furnished to us. Our opinion, in so
far as it relates to the share of profit of these joint ventures, is
based solely on the reports of other auditors. Our opinion is not
qualified in respect of this matter.
For S.R. Batliboi & CO. LLP
Chartered Accountants
ICAI Firm Registration Number: 301003E/E300005
per Bhaswar Sarkar
Place of Signature: Kolkata Partner
Date: May 23, 2017 Membership Number: 055596
37th Annual Report 2016-17 65
ANNEXURE 1 TO THE INDEPENDENT AUDITOR’S REPORT OF EVEN DATE ON THE STANDALONE FINANCIAL STATEMENTS OF
GPT INFRAPROJECTS LIMTED
(i) (a) The Company has maintained proper records showing
full particulars, including quantitative details and
situation of fixed assets.
(b) All fixed assets have not been physically verified by
the management during the year but there is a regular
programme of verification which, in our opinion, is
reasonable having regard to the size of the Company
and the nature of its assets. No material discrepancies
were noticed on such verification.
(c) According to the information and explanations given
by the management, the title deeds of immovable
properties included in fixed assets are held in the name
of the company.
(ii) The management has conducted physical verification of
inventory at reasonable intervals during the year and no
material discrepancies were noticed on such physical
verification.
(iii) (a) The Company has granted loans to two bodies
corporate covered in the register maintained under
Section 189 of the Companies Act, 2013. In our opinion
and according to the information and explanations
given to us, the terms and conditions of the grant
of such loans are not prejudicial to the company’s
interest.
(b) The Company has granted loans to two bodies
corporate covered in the register maintained under
Section 189 of the Companies Act, 2013. The schedule
of repayment of principal and payment of interest has
been stipulated for the loans granted. However, as
informed, such principal / interest has not fallen due
during the year.
(c) There are no amounts of loans granted to companies,
firms or other parties listed in the register maintained
under Section 189 of the Companies Act, 2013 which
are overdue for more than ninety days.
(iv) In our opinion and according to the information and
explanations given to us and based on legal opinion
obtained by the Company, provisions of Sections 185
and 186 of the Companies Act 2013 in respect of loans
to directors including entities in which they are interested
and in respect of loans and advances given, investments
made and, guarantees, and securities given, have been
complied with by the company.
(v) The Company has not accepted any deposits within
the meaning of Sections 73 to 76 of the Act and the
Companies (Acceptance of Deposits) Rules, 2014 (as
amended). Accordingly, the provisions of clause 3(v) of
the Order are not applicable.
(vi) We have broadly reviewed the books of account
maintained by the Company pursuant to the rules made
by the Central Government for the maintenance of cost
records under Section 148(1) of the Companies Act, 2013,
and are of the opinion that prima facie, the specified
accounts and records have been made and maintained.
We have not, however, made a detailed examination of
the same.
(vii) (a) Undisputed statutory dues in respect of sales tax,
wealth tax, customs duty and value added tax
have generally been regularly deposited with the
appropriate authorities. However, dues for provident
fund, employees’ state insurance, income-tax, service
tax, excise duty, and other material statutory dues have
not been regularly deposited with the appropriate
authorities and there have been serious delays in large
number of cases.
(b) According to the information and explanations given
to us, undisputed dues in respect of provident fund,
employees’ state insurance, income-tax, service tax,
sales tax, custom duty, excise duty, value added tax,
cess and other material statutory dues which were
Annexure 1
66 GPT Infraprojects Limited
outstanding, at the year end, for a period of more than six months from the date they became payable, are as follows:
Name of the Statute Nature of Dues Amount
(` in lacs)
Period to which
the amount
relates
Due date Date of
Payment
Income Tax Act, 1961 Income tax
deducted at source
0.10 April’16 –
August’16
May’16 – September’16 Not yet paid
Income Tax Act, 1961 Dividend
Distribution Tax
66.09 February'16 –
August’16
February'16 – August’16 Not yet paid
Finance Act, 1994 Service Tax 33.24 July’16 – August'16 August'16 – September’16 6th April 2017
(c) According to the records of the Company, the dues outstanding of income-tax, sales-tax, service tax, duty on custom, duty
of excise and value added tax on account of any dispute, are as follows:
Name of the
Statute
Nature of Dues Amount
(` in lacs)
Period to which the
amount relates
Forum where dispute is
pending
Finance Act, 1994 Service tax levied on Goods Transport
Agency services
0.72 2008-09 Commissioner of Central
Excise (Appeal), Kolkata
Central Excise Act,
1944
Modvat Credit disallowed for
subsequent endorsement of third
party invoice in favour of the
Company
92.16 1991 - 92 Customs, Excise and
Service Tax Appellate
Tribunal, Kolkata
Central Excise Act,
1944
Claim of excess refund granted
towards descalation in prices of
sleeper
6.35 2008-09 and
2009-10
Customs, Excise and
Service Tax Appellate
Tribunal, Kolkata
Central Excise Act,
1944
Penalty against short payment of
excise duty
1.63 2011-12 Commissioner of Central
Excise (Appeal), Kolkata
Central Excise Act,
1944
Cenvat Credit disallowed 5.73 2011-12 Commissioner of Central
Excise (Appeal), Kolkata
Central Excise Act,
1944
Disallowance of Input Credit on
Consumption of Welding Electrodes
3.19 2008-09 to 2013-14 Commissioner of Central
Excise (Appeal), Kolkata
West Bengal Value
Added Tax Act,
2003
Various disallowances of labour,
supervision charges, payments to
subcontractors, works contract
tax, etc. from Taxable Contractual
Transfer Price, and part disallowance
of input tax credit, export sales and
late fees.
1,132.85 2009-10 to 2013-14 West Bengal Appellate
Forum, Kolkata and West
Bengal Commercial
Taxes Appellate &
Revisional Board, Kolkata
Central Sales Tax
Act, 1956
Central sale tax levied on
reimbursement of inspection and
freight charges and on pending C
forms.
4.35 2011-12 West Bengal
Commercial Taxes
Appellate & Revisional
Board, Kolkata
Central Sales Tax
Act, 1956
Central sale tax levied on stock
transfer to branch
75.16 2012-13 and
2013-14
West Bengal
Commercial Taxes
Appellate & Revisional
Board, Kolkata
37th Annual Report 2016-17 67
(viii) In our opinion and according to the information and
explanations given by the management, the Company
has not defaulted in repayment of dues to banks. The
Company did not have any outstanding debentures or
dues in respect of a financial institution or to government
during the year.
(ix) In our opinion and according to the information and
explanations given by the management, the Company
has utilised the monies raised by way of term loans for
the purpose for which they were raised. The Company has
not raised any money by way of initial public offer / further
public offer / debt instruments.
(x) Based upon the audit procedures performed for the
purpose of reporting the true and fair view of the financial
statements and according to the information and
explanations given by the management, we report that
no fraud by the Company or no material fraud on the
Company by the officers and employees of the Company
has been noticed or reported during the year.
(xi) According to the information and explanations given by
the management, the managerial remuneration has been
paid / provided in accordance with the requisite approvals
mandated by the provisions of Section 197 read with
Schedule V to the Companies Act, 2013.
(xii) In our opinion, the Company is not a nidhi company.
Therefore, the provisions of clause 3(xii) of the order are
not applicable to the Company and hence not commented
upon.
(xiii) According to the information and explanations given by
the management, transactions with the related parties are
in compliance with Sections 177 and 188 of Companies
Act, 2013, where applicable, and the details have been
disclosed in the notes to the financial statements, as
required by the applicable accounting standards.
(xiv) According to the information and explanations given to
us and on an overall examination of the balance sheet,
the Company has not made any preferential allotment or
private placement of shares or fully or partly convertible
debentures during the year under review and hence,
reporting requirements under clause 3(xiv) are not
applicable to the Company and not commented upon.
(xv) According to the information and explanations given by
the management, the Company has not entered into
any non-cash transactions with directors or persons or
persons connected with him as referred to in Section 192
of Companies Act, 2013.
(xvi) According to the information and explanations given to us,
the provisions of Section 45-IA of the Reserve Bank of India
Act, 1934 are not applicable to the Company.
For S.R. Batliboi & CO. LLP
Chartered Accountants
ICAI Firm Registration Number: 301003E/E300005
per Bhaswar Sarkar
Place of Signature: Kolkata Partner
Date: May 23, 2017 Membership Number: 055596
68 GPT Infraprojects Limited
ANNEXURE 2 TO THE INDEPENDENT AUDITOR’S REPORT OF EVEN DATE ON THE STANDALONE FINANCIAL STATEMENTS OF
GPT INFRAPROJECTS LIMTED
Report on the Internal Financial Controls under Clause (i) of
Sub-section 3 of Section 143 of the Companies Act, 2013 (“the
Act”)
We have audited the internal financial controls over financial
reporting of GPT Infraprojects Limited (“the Company”) as of
March 31, 2017, in conjunction with our audit of the standalone
financial statements of the Company for the year ended on that
date.
Management’s Responsibility for Internal Financial Controls
The Company’s management is responsible for establishing
and maintaining internal financial controls based on the internal
control over financial reporting criteria established by the
Company considering the essential components of internal
control stated in the Guidance Note on Audit of Internal Financial
Controls Over Financial Reporting issued by the Institute of
Chartered Accountants of India. These responsibilities include
the design, implementation and maintenance of adequate
internal financial controls that were operating effectively for
ensuring the orderly and efficient conduct of its business,
including adherence to the Company’s policies, the safeguarding
of its assets, the prevention and detection of frauds and errors,
the accuracy and completeness of the accounting records,
and the timely preparation of reliable financial information, as
required under the Companies Act, 2013.
Auditor’s Responsibility
Our responsibility is to express an opinion on the Company’s
internal financial controls over financial reporting based on our
audit. We conducted our audit in accordance with the Guidance
Note on Audit of Internal Financial Controls Over Financial
Reporting (the “Guidance Note”) and the Standards on Auditing
as specified under Section 143(10) of the Companies Act, 2013,
to the extent applicable to an audit of internal financial controls
and, both issued by the Institute of Chartered Accountants of
India. Those Standards and the Guidance Note require that
we comply with ethical requirements and plan and perform
the audit to obtain reasonable assurance about whether
adequate internal financial controls over financial reporting
was established and maintained and if such controls operated
effectively in all material respects.
An audit involves performing procedures to obtain audit evidence
about the adequacy of the internal financial controls system over
financial reporting and their operating effectiveness. Our audit
of internal financial controls over financial reporting included
obtaining an understanding of internal financial controls over
financial reporting, assessing the risk that a material weakness
exists, and testing and evaluating the design and operating
effectiveness of internal control based on the assessed risk.
The procedures selected depend on the auditor’s judgement,
including the assessment of the risks of material misstatement
of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our qualified audit opinion
on the internal financial controls over financial reporting.
Meaning of Internal Financial Controls Over Financial
Reporting
A company’s internal financial control over financial reporting is
a process designed to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance
with generally accepted accounting principles. A company’s
internal financial control over financial reporting includes those
policies and procedures that (1) pertain to the maintenance of
records that, in reasonable detail, accurately and fairly reflect
the transactions and dispositions of the assets of the company;
(2) provide reasonable assurance that transactions are recorded
as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and
that receipts and expenditures of the company are being made
only in accordance with authorisations of management and
directors of the company; and (3) provide reasonable assurance
regarding prevention or timely detection of unauthorised
acquisition, use, or disposition of the company’s assets that
could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over
Financial Reporting
Because of the inherent limitations of internal financial controls
over financial reporting, including the possibility of collusion
or improper management override of controls, material
misstatements due to error or fraud may occur and not be
detected. Also, projections of any evaluation of the internal
financial controls over financial reporting to future periods are
subject to the risk that the internal financial control over financial
reporting may become inadequate because of changes in
Annexure 2
37th Annual Report 2016-17 69
conditions, or that the degree of compliance with the policies
or procedures may deteriorate.
Qualified Opinion
According to the information and explanations given to us and
based on our audit, the following material weaknesses have
been identified as at March 31, 2017:
a) The Company’s internal financial controls for evaluation
of recoverability of unbilled revenue, accrued price
escalations and trade receivables on significantly completed
construction contracts were not operating effectively
as on March 31, 2017, which could potentially result in
the Company not recognising appropriate provision in
the financial statements in respect of receivables that are
doubtful of recovery.
b) The Company’s internal financial controls for classification
of unbilled revenue, accrued price escalations and trade
receivables on significantly completed construction
contracts as current were not operating effectively as
on March 31, 2017, which could potentially result in the
Company not appropriately classifying the above receivables
as non-current.
A ‘material weakness’ is a deficiency, or a combination of
deficiencies, in internal financial control over financial reporting,
such that there is a reasonable possibility that a material
misstatement of the company’s annual or interim financial
statements will not be prevented or detected on a timely basis.
In our opinion, the Company has maintained, in all material
respects, adequate internal financial controls over financial
reporting and except for the possible effects of the material
weaknesses described above on the achievement of the
objectives of the control criteria, such internal financial controls
over financial reporting were operating effectively as of March
31, 2017, based on the internal control over financial reporting
criteria established by the Company considering the essential
components of internal control stated in the Guidance Note
on Audit of Internal Financial Controls Over Financial Reporting
issued by the Institute of Chartered Accountants of India.
Explanatory paragraph
We also have audited, in accordance with the Standards on
Auditing issued by the Institute of Chartered Accountants
of India, as specified under Section 143(10) of the Act, the
standalone financial statements of GPT Infraprojects Limited,
which comprise the Balance Sheet as at March 31, 2017,
and the related Statement of Profit and Loss and Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information. This
material weakness was considered in determining the nature,
timing, and extent of audit tests applied in our audit of the March
31, 2017 standalone financial statements of GPT Infraprojects
Limited and this report does not affect our report dated May
23, 2017, which expressed a qualified opinion on those financial
statements.
For S.R. Batliboi & CO. LLP
Chartered Accountants
ICAI Firm Registration Number: 301003E/E300005
per Bhaswar Sarkar
Place of Signature: Kolkata Partner
Date: May 23, 2017 Membership Number: 055596
70 GPT Infraprojects Limited
The accompanying notes are an integral part of the financial statements.
As per our attached report of even date For and on behalf of the Board of Directors
For S. R. Batliboi & Co. LLP D. P. Tantia S. G. TantiaChartered Accountants Chairman Managing DirectorICAI Firm registration number: 301003E/E300005
per Bhaswar Sarkar Atul Tantia V. N. PurohitPartner Executive Director DirectorMembership no.: 055596
Place: Kolkata A. K. DokaniaDate: 23rd May 2017 Chief Financial Officer
Particulars Note No.
As at March 31, 2017 As at March 31, 2016
(` in lacs) (` in lacs)
EQUITY AND LIABILITIES
Shareholders’ funds
Share capital 3 1,454.30 1,434.30
Reserves and surplus 4 14,523.99 15,978.29 13,468.24 14,902.54
Non-current liabilities
Long-term borrowings 5 1,296.20 399.57
Deferred tax liabilities (net) 6 224.32 103.13
Trade payables 9 825.95 741.23
Other non-current liabilities 10 1,387.75 1,347.22
Long-term provisions 7 217.80 3,952.02 177.51 2,768.66
Current liabilities
Short-term borrowings 8 20,690.12 21,120.52
Trade payables 9 8,085.12 8,730.97
Other current liabilities 10 4,672.52 5,789.93
Short-term provisions 7 148.94 33,596.70 114.92 35,756.34
TOTAL 53,527.01 53,427.54
ASSETS
Non-current assets
Fixed assets
- Tangible assets 11 9,125.21 6,585.09
- Intangible assets 11 32.82 2.30
- Capital work-in-progress 287.94 286.53
Non-current investments 12 4,484.73 5,170.02
Trade receivables 15 718.77 636.97
Long-term loans and advances 13 3,179.83 2,990.84
Other non-current assets 14 1,797.19 19,626.49 1,931.93 17,603.68
Current assets
Current investments 12 89.08 126.55
Inventories 16 5,351.22 5,326.60
Trade receivables 15 6,388.75 6,609.23
Cash and bank balances 17 2,018.29 2,941.16
Short-term loans and advances 13 2,850.32 1,481.00
Other current assets 14 17,202.86 33,900.52 19,339.32 35,823.86
TOTAL 53,527.01 53,427.54
Summary of significant accounting policies 2
Balance Sheet as at March 31, 2017
37th Annual Report 2016-17 71
Statement of Profit and Loss for the year ended March 31, 2017
The accompanying notes are an integral part of the financial statements.
As per our attached report of even date For and on behalf of the Board of Directors
For S. R. Batliboi & Co. LLP D. P. Tantia S. G. Tantia
Chartered Accountants Chairman Managing Director
ICAI Firm registration number: 301003E/E300005
per Bhaswar Sarkar Atul Tantia V. N. Purohit
Partner Executive Director Director
Membership no.: 055596
Place: Kolkata A. K. Dokania
Date: 23rd May 2017 Chief Financial Officer
Particulars Note No.
2016-17 2015-16
(` in lacs) (` in lacs)
INCOME
Revenue from operations (gross) 18 37,916.54 36,007.02
Less: Excise duty 208.69 369.55
Revenue from operations (net) 37,707.85 35,637.47
Other income 19.1 285.72 471.91
Total revenue (I) 37,993.57 36,109.38
EXPENSES
Cost of materials consumed
- Raw materials 20 1,418.36 2,240.22
- Materials for construction / other contracts 21 13,803.68 11,939.33
Purchase of stock-in-trade 22 10.19 1.13
Change in inventories of finished goods, stock-in-trade and work-in-progress 23 231.47 251.87
Employee benefits expense 24 2,925.83 2,495.14
Other expenses 25 13,842.94 13,334.44
Total expenses (II) 32,232.47 30,262.13
Earning before finance costs, tax expenses, depreciation & amortization expenses
(EBITDA) (I) – (II)
5,761.10 5,847.25
Depreciation & amortization expenses 11 1,259.79 1,149.86
Interest Income 19.2 (419.84) (332.44)
Finance costs 26 3,592.93 3,601.42
Profit before taxes (III) 1,328.22 1,428.41
Tax expenses / (credits)
- Current tax [net of MAT Credit of ` 58.00 lacs (31st March, 2016: ` Nil)] 150.23 404.07
- Income tax expense / (write back) for earlier years 8.64 (37.19)
- Deferred tax expense 121.19 77.23
Total tax expenses / (credits) (IV) 280.06 444.11
Profit for the year [(III) – (IV)] 1,048.16 984.30
Earnings per equity share (nominal value of share ` 10/- each)
Basic and Diluted (`) 30 7.25 6.86
Summary of significant accounting policies 2
72 GPT Infraprojects Limited
Cash Flow Statement for the year ended March 31, 2017
Particulars 2016-17 2015-16
(` in lacs) (` in lacs)
A. CASH FLOW FROM OPERATING ACTIVITIES
Net Profit before tax 1,328.22 1,428.41
Adjustment for :
Depreciation & amortization expenses 1,259.79 1,149.86
Loss on sale / discard of fixed assets (net) 6.65 4.78
Interest income on deposits from Banks / loans, advances etc. (gross) (419.84) (332.44)
Dividend income on investment in subsidiary / joint venture company (87.03) (338.74)
Bad debts / sundry advances written off in current year 9.76 504.26
Share in (Profits) / Losses of Joint Ventures (352.51) 119.03
Premium on redemption of investment in preference shares - (20.69)
Unspent liabilities / Provisions no longer required written back (173.93) (94.56)
Loss on Exchange Fluctuation (Net) - Unrealised 165.11 202.06
Interest Expenses 3,134.97 3,280.46
3,542.97 4,474.02
Operating Profit before working capital changes 4,871.19 5,902.43
(Increase) / Decrease in Loans and Advances (1,359.22) (984.28)
(Increase) / Decrease in Other Assets 2,487.59 (3,249.58)
(Increase) / Decrease in Trade Receivables (29.39) (892.21)
(Increase) / Decrease in Inventories (24.62) (948.26)
Increase / (Decrease) in Trade Payables / Other liabilities (676.38) 4,240.84
Increase / (Decrease) in Provisions 74.31 46.28
472.29 (1,787.21)
Cash Generated from operations 5,343.48 4,115.22
Taxes paid (22.82) (508.85)
Net Cash (used in) / flow from Operating Activities 5,320.66 3,606.37
B. CASH FLOW FROM INVESTING ACTIVITIES
Refund of loan given to GPT Employees Welfare Trust (Interest free) 184.70 2.00
Loans given to Bodies Corporate (399.02) (843.10)
Refund of loans from Bodies Corporate 16.87 2,261.28
Purchase of fixed assets (including capital work in progress) (3,969.75) (1,784.97)
Proceeds from sale of fixed assets 25.38 55.40
Increase in investment in capital of unincorporated Joint Ventures 1,075.27 766.22
Redemption of investment in preference shares - 124.06
Interest received 417.62 726.63
Dividend received 87.03 439.21
Investment in margin money deposits (6,708.62) (2,938.11)
Proceeds from maturity of margin money deposits 7,350.93 1,519.46
Net Cash (used in) / from Investing Activities (1,919.59) 328.08
37th Annual Report 2016-17 73
Cash Flow Statement for the year ended March 31, 2017
Particulars 2016-17 2015-16
(` in lacs) (` in lacs)
C. CASH FLOW FROM FINANCING ACTIVITIES
Long Term Borrowings received 3,026.10 138.36
Long Term Borrowings repaid (2,820.64) (1,361.64)
Repayment of Cash Credit (Net) (7.58) (4,296.46)
Proceeds from short term borrowings 20,274.25 12,662.93
Repayment of short term borrowings (20,697.07) (7,477.41)
Dividend paid (145.46) (290.77)
Interest Paid (3,096.52) (3,326.73)
Net Cash (used in) / from Financing Activities (3,466.92) (3,951.72)
Net decrease in Cash and Cash Equivalents (A+B+C) (65.85) (17.27)
Effect of exchange differences on cash & cash equivalents held in foreign currency (0.53) (0.56)
Cash and Cash Equivalents - Opening Balance 129.56 147.39
Cash and Cash Equivalents - Closing Balance 63.18 129.56
Notes:
Cash & Cash Equivalents :
Cash on hand 24.52 44.39
Cheque on hand 11.02 -
Balance with Banks:
On Current Account 27.56 85.06
On Unpaid dividend account* 0.08 0.11
Cash and Cash Equivalents as at the Close of the year (refer note no 17) 63.18 129.56
* The Company can utilise these balances only towards settlement of the respective unpaid dividend.
(` in lacs)
As per our attached report of even date For and on behalf of the Board of Directors
For S. R. Batliboi & Co. LLP D. P. Tantia S. G. Tantia
Chartered Accountants Chairman Managing Director
ICAI Firm registration number: 301003E/E300005
per Bhaswar Sarkar Atul Tantia V. N. Purohit
Partner Executive Director Director
Membership no.: 055596
Place: Kolkata A. K. Dokania
Date: 23rd May 2017 Chief Financial Officer
74 GPT Infraprojects Limited
Notes to the Financial Statements as at and for the year ended March 31, 2017
1. CORPORATE INFORMATION
GPT Infraprojects Limited (the Company) is a listed public company domiciled in India and incorporated under the provisions of
the Companies Act, 1956. Its shares are listed in two stock exchanges in India. The Company is primarily engaged in construction
activities for infrastructure projects. Besides, the Company is also engaged in concrete sleeper manufacturing business.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
a) Basis of preparation
The financial statements of the company have been prepared in accordance with the generally accepted accounting
principles in India (Indian GAAP). The Company has prepared these financial statements to comply in all material respects
with the Accounting Standards notified under Section 133 of the Companies Act, 2013, read together with paragraph 7
of the Companies (Accounts) Rules, 2014 and Companies (Accounting Standards) Amendment Rules 2016. The financial
statements have been prepared on an accrual basis and under the historical cost convention. The accounting policies
adopted in the preparation of financial statements are consistent with those of previous year, except for the change in
accounting policy explained below.
b) Change in accounting policy
Accounting for Proposed Dividend
As per the requirements of pre-revised AS 4, the Company used to create a liability for dividend proposed / declared after
the balance sheet date if dividend related to periods covered by the financial statements. Going forward, as per AS 4 (R), the
Company cannot create provision for dividend proposed / declared after the balance sheet date unless a statute requires
otherwise. Rather, company will need to disclose the same in the financial statements.
Accordingly, the company has disclosed dividend proposed by board of directors after the balance sheet date.
Had the company continued with creation of provision for proposed dividend, its surplus in the statement of profit and
loss would have been lower by ` 262.56 lacs and short term provision would have been higher by ` 262.56 lacs (including
dividend distribution tax of ` 44.41 lacs).
c) Use of estimates
The preparation of financial statements in conformity with Indian GAAP requires the management to make judgments,
estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and the disclosure
of contingent liabilities, at the end of reporting period. Although these estimates are based on the management’s best
knowledge of current events and actions, uncertainty about these assumptions and estimates could result in the outcomes
requiring a material adjustment to the carrying amounts of assets and liabilities in future periods.
d) Property, plant and equipment
Property, plant and equipment, capital work in progress are stated at cost, net of accumulated depreciation and accumulated
impairment losses, if any. The cost comprises purchase price inclusive of duties (net of CENVAT / VAT), taxes, incidental
expenses, erection / commissioning expenses, borrowing cost if capitalization criteria are met, directly attributable cost of
bringing the asset to its working condition for the intended use and initial estimate of decommissioning, restoration and
similar liabilities. Any trade discounts and rebates are deducted in arriving at the purchase price. Such cost includes the cost
of replacing part of the plant and equipment. Likewise, when a major inspection is performed, its cost is recognised in the
carrying amount of the plant and equipment as a replacement if the recognition criteria are satisfied. All other repair and
maintenance costs are recognised in profit or loss as incurred.
Items of stores and spares that meet the definition of property, plant and equipment are capitalized at cost and depreciated
over their useful life. Otherwise, such items are classified as inventories.
37th Annual Report 2016-17 75
Notes to the Financial Statements as at and for the year ended March 31, 2017
The company adjusts exchange differences arising on translation / settlement of long-term foreign currency monetary
items pertaining to the acquisition of a depreciable asset to the cost of the asset and depreciates the same over the
remaining life of the asset. In accordance with MCA circular dated 09 August 2012, exchange differences adjusted to the
cost of fixed assets are total differences, arising on long-term foreign currency monetary items pertaining to the acquisition
of a depreciable asset, for the period.
Gains or losses arising from derecognition of property, plant and equipment are measured as the difference between the
net disposal proceeds and the carrying amount of the asset and are recognized in the statement of profit and loss when the
asset is derecognized.
The Company identifies and determines cost of each component/ part of the asset separately, if the component/ part has a
cost which is significant to the total cost of the asset and has useful life that is materially different from that of the remaining
asset.
Property, plant and equipment held for sale is valued at lower of their carrying amount and net realizable value. Any write-
down is recognized in the statement of profit and loss.
e) Intangible Assets
Intangible assets acquired separately are measured on initial recognition at cost. The cost of acquisition comprises purchase
price inclusive of duties (net of CENVAT / VAT), taxes, etc. Following initial recognition, intangible assets are carried at cost
less accumulated amortization and accumulated impairment losses, if any. Internally generated intangible assets, excluding
capitalized development costs, are not capitalized and expenditure is reflected in the statement of profit and loss in the year
in which the expenditure is incurred.
Gain or losses arising from derecognition of intangible fixed assets are measured as the difference between the net disposal
proceeds and the carrying amount of the assets and are recognized in the statement of profit and loss when the assets are
derecognized.
f) Depreciation on property, plant and equipment
Depreciation on property, plant and equipment calculated on a straight-line basis using the rates arrived at based on the
useful lives estimated by the management which is in line with the useful lives as specified in Schedule II to the Companies
Act, 2013, except for Steel Shutterings and certain buildings which are depreciated over a period of five and three years
respectively from the year of addition based on related contracts with customers and management’s technical evaluation.
The identified components are depreciated separately over their useful lives; the remaining components are depreciated
over the life of the principal asset.
Depreciation on fixed assets added / disposed off during the year, is provided on pro-rata basis with reference to the date
of addition / disposal.
The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each
financial year end and adjusted prospectively, if appropriate.
Intangible Fixed Assets
Intangible assets are amortized on a straight line basis over the estimated useful economic life. Computer software is
considered to have a useful economic life of three years.
g) Impairment of tangible and intangible fixed assets
The carrying amounts of assets are reviewed at each balance sheet date to determine if there is any indication of impairment
based on internal/external factors. An impairment loss is recognized wherever the carrying amount of an asset exceeds its
76 GPT Infraprojects Limited
recoverable amount which is the greater of the asset’s net selling price and value in use. In assessing the value in use, the
estimated future cash flows are discounted to their present value using a pre- tax discount rate that reflects current market
assessments of the time value of money and risks specific to the assets.
h) Leases
Finance Leases, which effectively transfer to the Company, substantially, all the risks and benefits incidental to the ownership
of the leased items, are capitalized at the inception of lease terms at the lower of the fair value of leased property and
present value of the minimum lease payment.
Leases where the lessor effectively retains substantially all the risks and benefits of ownership of the leased assets, are
classified as operating leases. Operating lease payments are recognized as an expense in the Statement of Profit and Loss
on a straight-line basis over the lease term.
i) Borrowing costs
Borrowing cost includes interest, amortization of ancillary costs incurred in connection with the arrangement of borrowings.
Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a
substantial period of time to get ready for its intended use or sale are capitalized as part of the cost of the respective asset.
All other borrowing costs are expensed in the period they occur.
j) Investments
Investments that are readily realizable and intended to be held for not more than a year from the date on which such
investments are made are classified as current investments. All other investments are classified as long-term investments.
On initial recognition, all investments are measured at cost. The cost comprises purchase price and directly attributable
acquisition charges such as brokerage, fees and duties. If an investment is acquired, or partly acquired, by the issue of shares
or other securities, the acquisition cost is the fair value of the securities issued. If an investment is acquired in exchange for
another asset, the acquisition is determined by reference to the fair value of the asset given up or by reference to the fair
value of the investment acquired, whichever is more clearly evident.
Current investments are carried in the financial statements at lower of cost and fair value determined on an individual
investment basis. Long-term investments are carried at cost. However, provision for diminution in value is made to recognize
a decline other than temporary in the value of the investments.
On disposal of an investment, the difference between its carrying amount and net disposal proceeds is charged or credited
to the statement of profit and loss.
k) Inventories
i. Closing stock of stores and spares and raw materials (except for those relating to construction activities) are valued at
lower of cost computed on ‘Weighted Average’ basis and net realizable value. However, materials and other supplies
held for use in the production of inventories are not written down below cost if the finished products in which they will
be incorporated are expected to be sold at or above cost. Cost includes expenses incidental to procurement thereof.
ii. Finished goods are valued at the lower of cost (computed on weighted average basis) and net realizable value. Costs in
respect of finished goods include direct material, labour and an appropriate portion of overhead costs and excise duty.
iii. Construction work in progress is valued at cost.
iv. Stores, components, etc. and construction materials at sites to be used in contracts are valued at cost which is
ascertained on ‘Weighted Average’ basis.
Notes to the Financial Statements as at and for the year ended March 31, 2017
37th Annual Report 2016-17 77
v. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion
and estimated costs necessary to make the sale.
l) Revenue recognition
Construction contracts
Revenue on construction contracts is recognized on percentage completion method based on the stage of completion of
the contract. The stage of completion is determined as a proportion that contract costs incurred for work performed upto
the reporting date bears to the estimated total costs. When it is probable that the total contract cost will exceed the total
contract revenue, the expected loss is recognized immediately. For this purpose, total contract costs are ascertained on
the basis of actual costs incurred and costs to be incurred for completion of contracts in progress, which is arrived at by
the management based on current technical data, forecasts and estimate of expenditure to be incurred in future including
contingencies, which being technical matters have been relied upon by the auditors. Revisions in projected profit or loss
arising from change in estimates are reflected in accounting period in which such revisions can be anticipated.
Variations in contract work are recognized to the extent that it is probable that they will result in revenue and are capable of
reliably measured.
Revenue from the Company’s entitlement to price variances on input costs subject to compliance with certain terms
and conditions as per terms of contracts are recognized when no significant uncertainties exist regarding their ultimate
collection.
Overhead expenses representing indirect costs that cannot be directly aligned with the jobs, are distributed over the various
contracts on a pro-rata basis.
Sale of Goods
Revenue from sale of goods is recognized when all the significant risks and rewards of ownership of the goods have been
passed to the customers, which generally coincides with delivery. Sales are net of taxes, returns, claims, trade discounts etc.
Interest
Interest income is recognized on a time proportion basis taking into account the amount outstanding and the rate applicable.
Dividend
Dividend income is recognized when the Company’s right to receive dividend is established by the reporting date.
m) Foreign currency translations
Initial Recognition
Foreign currency transactions are recorded in the reporting currency by applying to the foreign currency amount the
exchange rate between the reporting currency and the foreign currency at the date of the transaction.
Conversion
Foreign currency monetary items are reported using the closing rate. Non-monetary items which are carried in terms
of historical cost denominated in a foreign currency, are reported using the exchange rate at the date of the transaction
and non-monetary items which are carried at fair value or other similar valuation denominated in a foreign currency are
reported using the exchange rates that existed when the values were determined.
Exchange Differences
Exchange differences, in respect of accounting periods commencing from 1st April 2011, arising on reporting of long-term
foreign currency monetary items at rates different from those at which they were initially recorded during the period,
or reported in previous financial statements, in so far as they relate to the acquisition of a depreciable capital asset, are
Notes to the Financial Statements as at and for the year ended March 31, 2017
78 GPT Infraprojects Limited
added to or deducted from the cost of the asset and are depreciated over the balance life of the asset, and in other cases,
such exchange differences are accumulated in a “Foreign Currency Monetary Items Translation Difference Account” and
amortised over the balance period of such long-term asset / liability.
Exchange differences arising on the settlement or reporting of monetary items, not covered above, at rates different from
those at which they were initially recorded during the period, or reported in previous financial statements, are recognized
as income or expenses in the period in which they arise.
Derivatives Instruments:
As per ICAI announcement, accounting for derivative contracts, other than those covered under AS-11, are marked to
market on a portfolio basis, and the net loss after considering the offsetting effect on the underlying hedge item is charged
to the statement of profit and loss. Net gains are ignored.
Translation of Integral foreign operations
The financial statements of an integral foreign operation are translated as if the transactions of the foreign operation have
been those of the Company itself.
n) Retirement and other employee benefits
Retirement benefits in the form of Provident Fund is a defined contribution scheme. The Company has no obligation,
other than the contribution payable to the provident fund. The Company recognizes contribution payable to provident
fund scheme as an expenditure on rendering of related service by employees. If the contribution payable to the scheme
for service received before the balance sheet date exceeds the contribution already paid, the deficit payable to the scheme
is recognized as a liability after deducting the contribution already paid. If the contribution already paid exceeds the
contribution due for services received before the balance sheet date, then excess is recognized as an asset.
Gratuity (funded) being defined benefit obligation and long term compensated absences (unfunded) are provided for based
on actuarial valuation made at the end of each financial year using the projected unit credit method.
Actuarial gain and losses are recognized in full in the period in which they occur in the Statement of Profit and Loss as
income or expenses.
o) Income Taxes:
Tax expense comprises current and deferred income tax. Current income tax is measured at the amount expected to be
paid to the tax authorities in accordance with the Indian Income Tax Act, 1961. Deferred taxes reflect the impact of current
year timing differences between taxable income and accounting income for the year and reversal of timing differences of
earlier years.
Deferred tax is measured based on the tax rates and the tax laws enacted or substantively enacted at the balance sheet date.
Deferred tax assets are recognized only to the extent that there is reasonable certainty that sufficient future taxable income
will be available against which such deferred tax assets can be realized. In situations where the Company has unabsorbed
depreciation or carry forward tax losses, deferred tax assets are recognized only if there is virtual certainty supported by
convincing evidence that such deferred tax assets can be realized against future taxable profits.
The carrying amounts of deferred tax assets are reviewed at each Balance Sheet date. The Company writes down the
carrying amount of the deferred tax asset to the extent that it is no longer reasonably certain or virtually certain, as the case
may be, that sufficient future taxable income will be available against which deferred tax assets can be realized. Any such
write down is reversed to the extent it becomes reasonably certain or virtually certain, as the case may be, that sufficient
future taxable income will be available.
Notes to the Financial Statements as at and for the year ended March 31, 2017
37th Annual Report 2016-17 79
Minimum alternate tax (MAT) paid in a year is charged to the statement of profit and loss as current tax. The company
recognizes MAT credit available as an asset only to the extent that there is convincing evidence that the company will pay
normal income tax during the specified period, i.e., the period for which MAT credit is allowed to be carried forward. In
the year in which the company recognizes MAT credit as an asset in accordance with the Guidance Note on Accounting
for Credit Available in respect of Minimum Alternative Tax under the Income-tax Act, 1961, the said asset is created by way
of credit to the statement of profit and loss and shown as “MAT Credit Entitlement.” The company reviews the “MAT credit
entitlement” asset at each reporting date and writes down the asset to the extent the company does not have convincing
evidence that it will pay normal tax during the specified period.
p) Segment Reporting
Identification of Segments
The Company has identified that its business segments are the primary segments. The Company’s businesses are organized
and managed separately according to the nature of activity, with each segment representing a strategic business unit that
offers different products and serves different markets. The analysis of geographical segments is based on the areas in which
major operating divisions of the Company operate.
Inter segment Transfers
The Company generally accounts for intersegment sales and transfers as if the sales or transfers were to third parties at
current market prices.
Allocation of common costs
Common allocable costs are allocated to each segment on case to case basis applying the ratio, appropriate to each
relevant case. Unallocated items include income and expenses relating to the enterprise as a whole and not allocable to
segment on a reasonable basis.
Segment Policies
The accounting policies adopted for segment reporting are in line with those of the Company.
q) Earnings Per Share
Basic earnings per share is calculated by dividing the net profit or loss for the period attributable to equity shareholders
(after deducting preference dividends and attributable taxes) by the weighted average number of equity shares outstanding
during the period.
For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity
shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all
dilutive potential equity shares.
r) Provisions
A provision is recognized when an enterprise has a present obligation as a result of past event and it is probable that an
outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made.
Provisions made in terms of Accounting Standard 29 are not discounted to their present value and are determined based
on management estimates required to settle the obligation at the balance sheet date. These are reviewed at each balance
sheet date and appropriately adjusted to reflect the current management estimates.
s) Cash and Cash Equivalents
Cash and cash equivalents as indicated in the Cash Flow Statement comprises cash at bank and on hand and short-term
investments with an original maturity of three months or less.
Notes to the Financial Statements as at and for the year ended March 31, 2017
80 GPT Infraprojects Limited
t) Accounting for interests in joint ventures
In respect of joint ventures entered into with other parties in the form of ‘integrated joint ventures’, the accounting treatment
is done as below in terms of Accounting Standard 27.
i. Company’s share in profits and losses is accounted for on determination of profits or losses by the Joint Ventures;
ii. Investments are carried at cost, net of the Company’s share of profits or losses, recognized in the accounts.
u) Measurement of EBITDA
As permitted by the Guidance Note on the Revised Schedule VI to the Companies Act, 1956, the Company has elected to
present earnings before interest, tax expenses, depreciation and amortization expenses (EBITDA) as a separate line item
on the face of the statement of profit and loss. The Company measures EBITDA on the basis of profit from continuing
operations. In its measurement, the Company does not include depreciation and amortization expenses, interest income,
finance costs and tax expenses.
v) Contingent liabilities
A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence
or non-occurrence of one or more uncertain future events beyond the control of the Company or a present obligation
that is not recognized because it is not probable that an outflow of resources will be required to settle the obligation. A
contingent liability also arises in extremely rare cases where there is a liability that cannot be recognized because it cannot
be measured reliably. The company does not recognize a contingent liability but discloses its existence in the financial
statements.
w) Corporate social responsibility (CSR) expenditure
The Company charges its CSR expenditure to the Statement of Profit and Loss.
Notes to the Financial Statements as at and for the year ended March 31, 2017
37th Annual Report 2016-17 81
3. SHARE CAPITAL
Particulars As at
March 31, 2017
As at
March 31, 2016
(` in lacs) (` in lacs)
(a) Authorized shares
50,000,000 (31st March 2016 : 50,000,000) Equity shares of ` 10/- each 5,000.00 5,000.00
5,000.00 5,000.00
(b) Issued, subscribed and fully paid-up shares
14,543,000 (31st March 2016 : 14,543,000) Equity shares of ` 10/- each 1,454.30 1,454.30
Less: Amount recoverable from M/s GPT Employees Welfare Trust towards Nil
(31st March 2016 : 200,000) shares allotted to the trust (refer note no 29)
- 20.00
Total issued, subscribed and fully paid-up share capital 1,454.30 1,434.30
(d) Terms/ rights attached to equity shares
i. The company has only one class of equity shares having par value of ` 10/- each. Each holder of equity shares is entitled
to one vote per share. The company declares and pays dividends in Indian rupees. The dividend proposed by the Board of
Directors is subject to the approval of the shareholders in the general meeting.
ii. The Company has paid first interim dividend for the year amounting to ` 1.00 per equity share. The Company has further
declared second interim dividend on 29th April 2017 for the year amounting to ` 1.50 per equity share, which together with
the first interim dividend is considered as final dividend (31st March 2016 : ` 2.00 per equity share).
iii. In the event of winding-up of the Company, the equity shareholders shall be entitled to receive remaining assets of the
Company after distribution of all preferential amount. The distribution will be in proportion to the number of equity shares
held by the shareholders.
(c) Reconciliation of the Shares outstanding at the beginning and at the end of the year
i. Equity Shares:
Particulars 2016-17 2015-16
No. of Shares ` in lacs No. of Shares ` in lacs
At the beginning of the year 14,543,000 1,454.30 14,543,000 1,454.30
Issued during the year - - - -
Outstanding at the end of the Year 14,543,000 1,454.30 14,543,000 1,454.30
(e) Details of shareholders holding more than 5% in the Company
Equity Shares
Name of the shareholders As at 31st March 2017 As at 31st March 2016
Number of
shares held
% holding Number of
shares held
% holding
GPT Sons Private Limited 5,010,398 34.45% 4,610,398 31.70%
Nine Rivers Capital Limited 2,168,000 14.91% 2,168,000 14.91%
Shree Gopal Tantia & Vinita Tantia (Joint holder) 838,366 5.76% 838,366 5.76%
As per records of the company, including its register of shareholders / members, the above shareholding represents legal
ownership of shares.
Notes to the Financial Statements as at and for the year ended March 31, 2017
82 GPT Infraprojects Limited
4. RESERVES AND SURPLUS
Particulars As at
March 31, 2017
As at
March 31, 2016 (` in lacs) (` in lacs)
A. Capital Reserve (as per last financial statements)State Capital Subsidies 16.93 16.93 Share Forfeiture Account 0.11 0.11
17.04 17.04 B. Securities Premium Account*
Balance as per last financial statements 6,453.20 6,451.20 Add: Amount received from M/s GPT Employees Welfare Trust (refer note no 29) 164.70 2.00
6,617.90 6,453.20 C. General Reserve
Balance as per last financial statements 652.57 652.57 652.57 652.57
D. Surplus in the statement of profit and lossBalance as per last financial statements 6,345.43 5,688.47 Add: Profit for the year 1,048.16 984.30 Add: Excess provision for dividend distribution tax written back 17.93 -
7,411.52 6,672.77 Less: Appropriations
- Interim dividend paid on equity shares [amount per share ` 1.00 (31st March 2016 : ` 2.00)] (refer
note no. 2b)
145.43 290.86
- Tax on interim equity dividend 29.61 36.48 Total appropriations 175.04 327.34
7,236.48 6,345.43 Total Reserves and surplus (A+B+C+D) 14,523.99 13,468.24
* Net of ` Nil (31st March 2016 :` 164.70 lacs) recoverable on equity shares allotted to M/s GPT Employees Welfare Trust.
5. LONG-TERM BORROWINGS
Particulars Note
No
As at March 31, 2017 As at March 31, 2016
Non - current Current
maturities
Non - current Current
maturities
(` in lacs) (` in lacs) (` in lacs) (` in lacs)
Secured
I) Term Loans
From Banks
- In Indian Rupees 5.1 - - 307.79 727.32
II) Deferred Payment Credits 5.2 262.45 171.92 91.78 135.77
Unsecured
In Indian Rupees
- From related party 5.3 1,033.75 - - -
1,296.20 171.92 399.57 863.09
Less: Amount disclosed under the head “other
current liabilities” (Refer note no 10)
- 171.92 - 863.09
Net amount 1,296.20 - 399.57 -
Notes:
5.1 Term loans in Indian Rupees from Bank was secured by equitable mortgage of commercial property owned by GPT Estate
Private Limited. The loan was repayable in 33 monthly equal installments of ` 60.61 lacs each starting after 3 months from the
date of disbursement in June 2014. The loan has been repaid during the year.
5.2 Deferred Payment Credits are secured by first charge of equipments purchased from proceeds of such loans and personal
Notes to the Financial Statements as at and for the year ended March 31, 2017
37th Annual Report 2016-17 83
6. DEFERRED TAX LIABILITIES (NET)
Particulars As at
March 31, 2017
As at
March 31, 2016
(` in lacs) (` in lacs)
Deferred tax liability
Timing difference on depreciable assets 383.46 230.60
Deferred tax assets
Expenses allowable against taxable income in future years 159.14 127.47
Net Deferred tax liabilities 224.32 103.13
8. SHORT-TERM BORROWINGS
ParticularsNote
No
As at
March 31, 2017
As at
March 31, 2016
(` in lacs) (` in lacs)
Secured
From banks:
In Indian Rupees
- Cash credit (repayable on demand) 8.1 & 8.2 13,678.05 13,685.63
- Short term loan for working capital 8.1 & 8.3 6,180.00 6,609.93
Buyers Credit
- In Indian Rupees 8.4 832.07 824.96
Net Deferred tax liabilities 20,690.12 21,120.52
7. PROVISIONS
Particulars As at March 31, 2017 As at March 31, 2016
Non-current Current Non-current Current
(` in lacs) (` in lacs) (` in lacs) (` in lacs)
For Employee Benefits (refer note no 41)
- Gratuity 217.80 15.62 177.51 13.27
- Leave - 133.32 - 101.65
217.80 148.94 177.51 114.92
Notes:
8.1 Cash credit and short term loans for working capital are secured by (a) First hypothecation charge on current assets of the
Company (excluding current assets financed out of term loan for any specific projects) on pari pasu basis under consortium
banking arrangement. (b) First hypothecation charge on all movable fixed assets (excluding those assets financed out of term
loan and deferred payment credits) of the Company on pari pasu basis under consortium banking arrangement. (c) Personal
guarantee of five promoter shareholders (including four promoter directors) of the Company, (d) Pledge of 5,545,628 nos of
shares held by promoters and (e) Equitable mortgage of a property owned by one promoter director. All the charges created in
favour of the Lenders for Cash Credit and Working Capital loan rank pari passu inter se.
8.2 Cash Credit borrowings carry interest @ 11.20% to 13.50% p.a. and are repayable on demand.
guarantee of two Directors. The outstanding loan amount is repayable in monthly installments and the amount repayable within
one year being ` 171.92 lacs, between 1 - 2 years ` 178.77 lacs, 2 - 3 years ` 37.54 lacs, 3 - 4 years ` 24.11 lacs, 4 - 5 years ` 22.03
lacs . The loan carries interest @ 9.10% - 13.15% p.a.
5.3 Unsecured loan in Indian rupee from a related party carry interest @ 14.00% p.a. and is repayable after one year.
Notes to the Financial Statements as at and for the year ended March 31, 2017
84 GPT Infraprojects Limited
8.3 Short term loans for working capital carries interest @ 9.25% to 12.00% p.a. and are repayable till September 2017.
8.4 Buyers Credit in Indian Rupees is secured against comfort letter of a vendor with recourse backed by bank guarantee issued
by the Company in favour of that vendor. The Bank Guarantee is secured by the same securities as are available to bank with
respect to cash credit / working capital facilities. The said buyers credit facility carries interest @ 9.95% to 10.00% p.a. and is
repayable till July 2017.
9. TRADE PAYABLES
Particulars As at March 31, 2017 As at March 31, 2016
Non-current Current Non-current Current
(` in lacs) (` in lacs) (` in lacs) (` in lacs)
Trade Payables* [Including acceptances of ` 89.55 lacs (31st
March 2016 : ` 189.99 lacs)]
825.95 8,085.12 741.23 8,730.97
825.95 8,085.12 741.23 8,730.97
* As per information available with the Company, there are no Micro and Small suppliers covered as per the Micro, Small & Medium
Enterprise Development Act, 2006. As a result, no interest provision/payment have been made by the Company to such creditors, if
any, and no disclosure thereof is made in these financial statements.
10. OTHER LIABILITIES
Particulars As at March 31, 2017 As at March 31, 2016
Non-current Current Non-current Current
(` in lacs) (` in lacs) (` in lacs) (` in lacs)
Current maturities of long-term borrowings (Refer note no. 5) - 171.92 - 863.09
Interest accrued but not due on borrowings - 100.78 - 62.33
Temporary Book Overdraft with Banks - - - 3.25
Other Payables
- Mobilisation advance (partly bearing interest) 1,387.75 2,830.85 1,347.22 2,797.29
- Payable to Joint Ventures - 16.65 - 22.03
- Capital Creditors - 515.77 - 658.91
- Employees related liabilities - 471.22 - 595.87
- Statutory dues - 565.25 - 787.05
Investor Education and Protection Fund :
- Unpaid dividend (Not Due) - 0.08 - 0.11
1,387.75 4,672.52 1,347.22 5,789.93
Notes to the Financial Statements as at and for the year ended March 31, 2017
37th Annual Report 2016-17 85
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arch
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0.0
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7.3
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As
at 1
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.03
11A
. CA
PIT
ALI
SAT
ION
OF
EX
PE
ND
ITU
RE
Du
rin
g t
he y
ear
, th
e c
om
pan
y h
as c
apita
lized
th
e fo
llow
ing
exp
en
ses
of
reve
nu
e n
atu
re t
o t
he c
ost
of
bu
ildin
g (3
1st M
arch
20
16: N
il).
Co
nse
qu
en
tly,
exp
en
ses
dis
clo
sed
un
der
the r
esp
ectiv
e n
ote
s ar
e n
et
of
amo
un
ts c
apita
lized
by
the c
om
pan
y.
Par
ticu
lars
20
16-1
7
(`
in la
cs)
Sala
ry, w
ages
and
bo
nu
s 5
0.2
8
Fin
ance C
ost
33.
17
Co
nsu
mp
tion
of
sto
res
and
sp
ares
18.8
1
Po
wer
and
fu
el
8.2
0
Rep
airi
ng
an
d m
ain
ten
ance e
xpen
ses
40
.32
Oth
er
mis
cella
neo
us
exp
en
ses
211
.30
36
2.0
8
No
tes
to t
he
Fin
anci
al S
tate
me
nts
as a
t an
d fo
r th
e ye
ar e
nded
Mar
ch 3
1, 2
017
86 GPT Infraprojects Limited
12. INVESTMENTS
Particulars No of
Shares
Face value
per share
As at March 31, 2017 As at March 31, 2016
Non-current Current Non-current Current
(` in lacs) (` in lacs) (` in lacs) (` in lacs)
Trade investments, unquoted (fully paid up)
A. Investment in Subsidiary Companies
(i) Equity shares
Jogbani Highway Private Limited, India.
[refer note no (a) below]
3,300,000 ` 10/- 330.00 - 330.00 -
(3,300,000)
Superfine Vanijya Private Limited 485,920 ` 10/- 144.00 - 144.00 -
(485,920)
GPT Concrete Products South Africa (Pty.)
Limited, South Africa.
27,000 ZAR 1/- 1.49 - 1.49 -
(27,000)
GPT Investments Private
Limited, Mauritius
2,125,000 USD 1/- 935.42 - 935.42 -
(2,125,000)
(ii) Preference shares
12 % Non Cumulative Redeemable
Preference shares of Jogbani Highway
Private Limited [refer note no (b) below]
267,000 ` 100/- 267.00 - 267.00 -
(267,000)
B. Investment in Joint Venture Company
Equity shares
GPT - Transnamib Concrete Sleepers (Pty.)
Limited, Namibia
4,625,000 NAD 1/- 295.67 - 295.67 -
(4,625,000)
C. Investment in Capital of Joint Ventures
[refer note no (c) below]
GPT - GVV (JV) 12.14 - 13.42 -
GPT - MADHAVA (JV) 48.79 - 48.79 -
GPT - GEO (JV) - 24.53 - 19.68
GPT - GEO - UTS (JV) 0.78 - 0.78 -
GPT - SLDN - UTS (JV) 36.06 - 38.14 -
GPT - RDS (JV) 52.35 - 54.89 -
GPT - RAHEE (JV) 1,145.57 - 1,781.07 -
RAHEE - GPT (JV) 145.29 2.25 185.38 2.25
BHARAT - GPT (JV) - 0.05 - -
GPT - CVCC - SLDN (JV) 72.13 - 72.17 -
PREMCO - GPT (JV) - 3.86 - 12.02
RAHEE - GPT (NFR) (JV) - - - 0.96
RAHEE - GPT (IB) (JV) - 12.93 - 12.86
PIONEER - GPT (JV) - 2.95 - 2.95
GEO Foundation & Structure Pvt Ltd & GPT
Infraprojects Ltd (JV)
21.56 - 85.15 -
GPT - RANHILL (JV) 240.17 - 99.75 -
JMC - GPT (JV) 1.31 - 1.95 -
GPT - SMC (JV) 735.00 - 814.95 -
GPT - Bhartia (JV) - - - 75.04
GPT - Balaji - Rawat (JV) - 2.43 - -
Hari - GPT (JV) - 14.30 - 0.43
GPT - Balaji (JV) - 0.05 - -
G R (JV) - 25.73 - 0.36
4,484.73 89.08 5,170.02 126.55
Aggregate amount of unquoted investments 4,484.73 89.08 5,170.02 126.55
Notes to the Financial Statements as at and for the year ended March 31, 2017
37th Annual Report 2016-17 87
12. INVESTMENTS (contd...)
(a) Nil (31st March 2016 : 2,295,000) Shares Pledged with State Bank of India as security for loan sanctioned in earlier year (but not
disbursed as on the balance sheet date) by them to the Subsidiary Company. [also refer note no 27(B)].
(b) The non cumulative redeemable preference shares are redeemable after the expiry of 13 years from the date of issue / allotment
or earlier subject to the approval / consent of the board, preference shareholders and lenders of the Investee Subsidiary Company
[also refer note no 27(B)].
(c) The Joint Ventures are in the form of AOP and unincorporated entities. Hence, number of shares and face value are not applicable.
(d) The above Investments in Companies are for their general business purpose.
13. LOANS AND ADVANCES
Particulars As at March 31, 2017 As at March 31, 2016
Non-current Current Non-current Current
(` in lacs) (` in lacs) (` in lacs) (` in lacs)
(Unsecured, Considered Good)
Capital Advances 54.31 - 91.57 -
Advances recoverable in cash or kind
- Related parties (refer note no 32) - 797.03 - -
- Others 1.10 261.23 1.10 731.35
Loan to bodies corporate
- Related parties (refer note no 32) - 399.03 - -
- Others 120.00 - 120.00 16.87
Security Money / Earnest Money Deposits
- Related parties (refer note no 32) 100.00 - 100.00 -
- Others 6.56 1,009.19 6.32 532.68
Other Loans and advances
- Balance with Government Authorities 1,651.39 16.65 1,340.10 2.88
- Loan to employees 21.13 41.41 12.58 26.94
- Prepaid expenses 137.43 267.78 37.21 170.28
- MAT credit entitlement - 58.00 - -
- Advance income-tax [net of provisions of ` 612.30 lacs
(31st March 2016 : ` 564.28 lacs)]
1,087.91 - 1,281.96 -
3,179.83 2,850.32 2,990.84 1,481.00
a) Disclosure as per clause 32 of the Listing Agreement:
ParticularsAs at March
31, 2017
As at March
31, 2016
Maximum Amount due at any
time during the year
2016-17 Current
(` in lacs) (` in lacs) (` in lacs) (` in lacs)
Loans and advances to Subsidiary Company
Superfine Vanijya Private Limited 50.00 - 50.00 416.68
GPT Concrete Products South Africa (Pty.) Limited 349.03 - 349.03 -
Notes to the Financial Statements as at and for the year ended March 31, 2017
88 GPT Infraprojects Limited
14. OTHER ASSETS
Particulars As at March 31, 2017 As at March 31, 2016
Non-current Current Non-current Current
(` in lacs) (` in lacs) (` in lacs) (` in lacs)
(Unsecured, considered good)
Non-current Bank Balances (Refer note no 17) 613.40 - 399.23 -
Interest accrued on fixed deposits and loans - 129.16 - 126.94
Unbilled revenue on construction contracts [also refer note no
27(C)]
- 15,062.14 - 17,675.34
Accrued price variation yet to be billed [also refer note no 27(C)] - 2,010.87 381.56 1,534.26
Receivable from a subsidiary [refer note no 27(B) for details] 1,183.79 - 1,151.14 -
Export benefits receivable - 0.69 - 2.78
1,797.19 17,202.86 1,931.93 19,339.32
15. TRADE RECEIVABLES
Particulars As at March 31, 2017 As at March 31, 2016
Non-current Current Non-current Current
(` in lacs) (` in lacs) (` in lacs) (` in lacs)
Unsecured
Outstanding for a period exceeding six months from the date
they became due for payment
- Considered Good [includes Retention money ` 28.03 lacs
(31st March 2016 : Nil)]
- 802.04 - 1,915.99
Others
- Considered Good [includes Retention money ` 3,418.32 lacs
(31st March 2016 : ` 2,853.77 lacs)]
718.77 5,586.71 636.97 4,693.24
718.77 6,388.75 636.97 6,609.23
16. INVENTORIES [refer note no 2 (j)]
Particulars As at
March 31, 2017
As at
March 31, 2016
Current Current
(` in lacs) (` in lacs)
Raw Materials 237.42 116.00
Construction Materials [including in transit ` 270.85 lacs (31st March 2016 : ` 316.33 lacs)] 3,451.73 3,426.52
Work in Progress 2.21 10.36
Finished Goods 713.92 983.63
Stores and Spare [including in transit ` 7.36 lacs (31st March 2016 : ` 4.46 lacs)] 945.94 790.09
5,351.22 5,326.60
Notes to the Financial Statements as at and for the year ended March 31, 2017
37th Annual Report 2016-17 89
17. CASH AND BANK BALANCESParticulars As at March 31, 2017 As at March 31, 2016
Non-current Current Non-current Current (` in lacs) (` in lacs) (` in lacs) (` in lacs)
Cash and cash equivalentsBalances with banks: - On current accounts - 27.56 - 85.06 - On unpaid dividend account - 0.08 - 0.11 - Cheque on hand - 11.02 - - - Cash on hand - 24.52 - 44.39
- 63.18 - 129.56 Other bank balancesBalances with banks: - Margin money deposit* 613.40 1,955.11 399.23 2,811.60
613.40 1,955.11 399.23 2,811.60 Less : Amount disclosed under non-current assets (refer note no 14)
613.40 - 399.23 -
- 1,955.11 - 2,811.60 - 2,018.29 - 2,941.16
*Receipts pledged as security / margin with sales tax authority and banks (for letters of credit and bank guarantees).
18. REVENUE FROM OPERATIONS
Particulars 2016-17 2015-16
(` in lacs) (` in lacs)Revenue from operationsSale of products - Finished goods 3,019.01 3,234.19 - Traded goods 10.19 1.13
Contract Revenues 34,372.13 32,687.93
Other operating revenue - Scrap sales 115.37 30.82 - Exports benefits 13.74 13.98 - Share in profits of joint ventures 352.51 - - Royalty and consultancy fees 33.59 38.97 Revenue from operations (gross) 37,916.54 36,007.02 Less: Excise duty 208.69 369.55 Revenue from operations (net) 37,707.85 35,637.47
Details of products sold
Particulars 2016-17 2015-16
(` in lacs) (` in lacs)Finished goods - Concrete Sleeper 3,019.01 3,234.19
3,019.01 3,234.19 Traded goods - Steel 10.19 1.13
10.19 1.13
Details of Contract Revenue
Particulars 2016-17 2015-16
(` in lacs) (` in lacs)Revenue from Construction Contracts 33,087.43 32,687.93 Other Contract Revenue 1,284.70 -
34,372.13 32,687.93
Notes to the Financial Statements as at and for the year ended March 31, 2017
90 GPT Infraprojects Limited
a. Details of raw materials consumed
Particulars 2016-17 2015-16
(` in lacs) (` in lacs)
H.T.S Wire 447.63 740.50
Cement 392.45 609.09
Stone Aggregates 159.27 244.87
SGCI Inserts 382.42 604.39
Others 36.59 41.37
Total 1,418.36 2,240.22
b. Details of Inventory of Raw Material
Particulars As at
March 31, 2017
As at
March 31, 2016
(` in lacs) (` in lacs)
H.T.S Wire 68.05 19.30
Cement 16.16 6.66
Stone Aggregates 31.00 39.22
SGCI Inserts 106.60 40.98
Others 15.61 9.84
Total 237.42 116.00
19.1 OTHER INCOME
Particulars 2016-17 2015-16
(` in lacs) (` in lacs)
Insurance claims received 1.37 0.16
Dividend income on investment in joint venture company 87.03 338.74
Premium on redemption of investment in preference shares - 20.69
Unspent liabilities / provisions no longer required written back 173.93 94.56
Other non operating income 23.39 17.76
285.72 471.91
19.2 INTEREST INCOME
Particulars 2016-17 2015-16
(` in lacs) (` in lacs)
Interest income on
- Bank and other deposits 253.04 213.51
- Loans given 166.80 118.93
419.84 332.44
20. COST OF RAW MATERIALS CONSUMED
Particulars 2016-17 2015-16
(` in lacs) (` in lacs)
Inventory at the beginning of the year 116.00 117.61
Add: Purchases 1,539.78 2,238.61
1,655.78 2,356.22
Less: Inventory at the end of the year 237.42 116.00
1,418.36 2,240.22
Notes to the Financial Statements as at and for the year ended March 31, 2017
37th Annual Report 2016-17 91
Details of Inventories
Particulars As at
March 31, 2017
As at
March 31, 2016
(` in lacs) (` in lacs)
Finished Goods
- Sleepers 713.92 983.63
Work in Progress
- Construction work in progress 2.21 10.36
21. COST OF MATERIALS CONSUMED FOR CONSTRUCTION / OTHER CONTRACTS
Particulars 2016-17 2015-16
(` in lacs) (` in lacs)
Inventory at the beginning of the year 3,426.52 2,529.15
Add: Purchases 13,828.89 12,836.70
17,255.41 15,365.85
Less: Inventory at the end of the year 3,451.73 3,426.52
13,803.68 11,939.33
23. CHANGE IN INVENTORIES OF FINISHED GOODS, STOCK-IN-TRADE AND WORK-IN-PROGRESS
Particulars 2016-17 2015-16 Change in
inventories (` in lacs) (` in lacs)
Inventories at the end of the year:
- Finished goods 713.92 983.63 269.71
- Work in Progress 2.21 10.36 8.15
716.13 993.99 277.86
Inventories at the beginning of the year:
- Finished goods 983.63 649.75 (333.88)
- Work in Progress 10.36 552.79 542.43
- Stock - in - trade - 6.22 6.22
993.99 1,208.76 214.77
277.86 214.77
Less. (Increase) / decrease in excise duty on Finished Goods Stock # 46.39 (37.10)
231.47 251.87
(#) represents differential excise duty and cess on opening and closing inventory of Finished Goods.
22. PURCHASE OF STOCK - IN - TRADE
Particulars 2016-17 2015-16
(` in lacs) (` in lacs)
- Steel 10.19 1.13
10.19 1.13
24. EMPLOYEE BENEFITS EXPENSE
Particulars 2016-17 2015-16
(` in lacs) (` in lacs)
Salaries, Wages and Bonus 2,643.24 2,291.24
Contribution to Provident and Others Funds 114.29 73.43
Gratuity expense (refer note no 41) 99.68 60.30
Staff Welfare Expenses 68.62 70.17
2,925.83 2,495.14
Notes to the Financial Statements as at and for the year ended March 31, 2017
92 GPT Infraprojects Limited
25. OTHER EXPENSES
Particulars 2016-17 2015-16
(` in lacs) (` in lacs) (` in lacs) (` in lacs)
Consumption of stores and spares 1,921.01 1,753.04
Power and fuel 1,496.88 1,163.48
Payment to subcontractors (including towards turnkey
contracts)
6,646.23 6,881.02
Share in loss of joint ventures - 119.03
Rent 232.11 221.31
Machinery hire charges 908.39 668.33
Carriage inward 550.09 208.62
Rates and taxes 118.71 76.17
Insurance 40.32 54.93
Repairs and maintenance
- Plant and machinery 139.62 168.60
- Buildings 3.45 -
- Others 57.75 200.82 39.28 207.88
Professional charges and consultancy fees 302.45 342.57
Travelling and conveyance 335.05 236.36
Donations and charity* 12.00 16.74
Site mobilisation expenses 69.11 161.14
Directors remuneration
- Commission 15.25 16.42
- Directors sitting fees 9.85 25.10 6.78 23.20
Payment to auditors
As auditor:
- Audit fee 20.00 18.00
- Limited review 10.50 9.50
In other capacity:
- Other services (certification fees) 27.69 4.65
- Reimbursement of expenses 1.89 60.08 0.85 33.00
Loss on foreign exchange fluctuations (net) 164.01 186.88
Loss on sale / discard of fixed assets (net) 6.65 4.78
Bad debts written off (Net of reversal of provison of bad /
doubtful debts ` Nil (31st March 2016 : ` 274.56 lacs)]
- 504.26
Advertisement expenses 16.71 16.19
Freight and forwarding expenses 235.71 36.67
Other miscellaneous expenses 501.51 418.84
13,842.94 13,334.44
* Includes donation of ` 12.00 lacs (31st March 2016 : ` 11.74 lacs) to a trust considered as CSR expenditure for the year.
Notes to the Financial Statements as at and for the year ended March 31, 2017
37th Annual Report 2016-17 93
26. FINANCE COSTS
Particulars 2016-17 2015-16
(` in lacs) (` in lacs)
Interest expense on :
Term Loans from
- Banks 704.86 501.15
- Others 45.84 75.11
Other Loans, Mobilisation advances etc.
- Banks 1,697.67 2,090.87
- Others 686.60 613.33
Other borrowing costs 457.96 320.96
3,592.93 3,601.42
Particulars As at
March 31, 2017
As at
March 31, 2016
(` in lacs) (` in lacs)
(i) Corporate guarantee given for a subsidiary 1,522.63 1,456.49
(ii) Disputed central excise and service tax demands under appeal :
a) Demand on account of Modvat Credit disallowed for subsequent endorsement
of third party invoice in favour of the Company. The Company has filed an appeal
before the Appellate Authority against such demand which is pending hearing.
92.16 92.16
b) Others 32.58 4.32
(iii) Disputed VAT / CST demand under appeal :
Various demands on account of disallowances of export sales, labour and supervision
charges, Works Contract Tax, etc. from taxable contractual transfer price and
disallowance of Input VAT on purchases, stock transfer to branch etc. The Company
has filed appeals before the Appellate Authorities against such demands which are
pending hearing.
1,212.35 1,068.03
The Company is contesting the demands and based on opinion of tax advisors, the management believes that its position
will likely be upheld in the appellate process. No tax expense has been accrued in the financial statements for the tax demand
raised. The management believes that the ultimate outcome of this proceeding will not have a material adverse effect on the
company’s financial position and results of operations.
27. CONTINGENCIES
(A) Contingent liabilities not provided for in respect of:
(B) In an earlier year, the Company had formed a special purpose vehicle (SPV) in form of a subsidiary (Jogbani Highway Private
Limited) for execution of a BOT contract awarded by a customer. The subsidiary had entered into a concession agreement
with the customer and had awarded an EPC contract to the Company. In an earlier year, the subsidiary had terminated
the concession agreement with the customer and had gone into arbitration mainly due to required land not being made
available by the customer, resulting in termination of the EPC contract awarded to the Company. The Company is carrying
net assets of ` 1,971.95 lacs (31st March 2016 : ` 1,922.06 lacs) including investments of ` 597.00 lacs (31st March 2016 :
` 597.00 lacs) as on the Balance Sheet date pertaining to the above project. Since the matter has been referred to arbitration,
the recoverability of the aforesaid net assets of the Company is subject to outcome of the said arbitration. The Management
believes that the outcome of the arbitration shall result in recovery of the said cost on the facts of the case and as per
the terms and conditions of the said concession agreement and accordingly no provision is considered necessary in the
financial statements.
(C) During earlier years, the Company had significantly completed execution of certain construction contracts under the terms
of agreements with some government departments. Unbilled revenue, accrued price escalations and trade receivables
Notes to the Financial Statements as at and for the year ended March 31, 2017
94 GPT Infraprojects Limited
aggregating ̀ 3,895.08 lacs (31st March 2016 : ̀ 3,530.33 lacs), included in other current assets and current trade receivables,
are yet to be received by the Company in respect of such contracts due to paucity of funds available with those customers.
Based on regular follow ups with those customers, management is confident that the aforesaid amount is fully recoverable.
(D) The company had invested in a joint venture operation for execution of a contract. In view of the disputes with the customer
regarding underlying unbilled revenue, trade and other receivables, the joint venture has initiated arbitration proceedings.
The management believes that the outcome of arbitration will be in favour of joint venture, and the Company’s investment
aggregating ` 687.13 lacs is fully recoverable.
(E) The company had invested in a joint venture operation for execution of a contract. In view of the disputes with the
customer regarding underlying unbilled revenue and trade receivables, the joint venture has filed a claim to the customer
and intends to refer the matter to arbitration, in case aforesaid claim is not accepted by the customer. The management,
thereby, believes that the Company’s investment aggregating ` 1,117.71 lacs is fully recoverable.
29. (a) The Company had introduced an Employee Stock Option Plan (ESOP) “GPT Employee Stock Option Plan-2009” (ESOP
scheme) in the year 2009 - 10. On the basis of such scheme, 2,00,000 equity shares of the Company were allotted to
an Employees’ Welfare Trust namely GPT Employees’ Welfare Trust (“the trust”) on 2nd January 2010. In an earlier year, the
Nomination and Remuneration Committee approved the proposal for grant of options under the aforesaid scheme to the
eligible employees of the Company for the 2,00,000 shares. None of the grantees / eligible employees accepted the grant
within the prescribed acceptance period. Under the circumstances, the Board, as recommended by the Nomination and
Remuneration Committee dissolved the said ESOP Scheme during that financial year.
(b) Further, the Company had given ` 200.00 lacs during 2009 - 10 by way of interest free loan to M/s. GPT Employees Welfare
Trust. The Trust has refunded ` 184.70 lacs (31st March 2016 : ` 2.00 lacs) to the Company during the year which has been
considered as an adjustment to securities premium account amounting ` 164.70 lacs and balance ` 20.00 lacs against
equity share capital. The Trust had sold the shares held by it in the secondary market through stock exchange and the sale
proceeds so generated was partly utilised for the repayment of the outstanding loan granted by the Company to the Trust
and the balance fund will be utilised for the general employee’s benefit as stated in the GPT Employees Welfare Trust Deed.
Particulars As at
March 31, 2017
As at
March 31, 2016
(` in lacs) (` in lacs)
Estimated amount of contracts remaining to be executed on Capital Account and not
provided for (net of advances)
160.99 722.68
28. CAPITAL AND OTHER COMMITMENTS
Particulars As at
March 31, 2017
As at
March 31, 2016
(` in lacs) (` in lacs)
Profit after tax as per Statement of Profit and Loss (` in lacs) 1,048.16 984.30
Weighted average number of equity shares for calculating basic and diluted EPS (Nos.) 14,465,740 14,343,000
Basic and diluted EPS (`) 7.25 6.86
30. Basis for calculation of Basic and Diluted Earnings Per Share (EPS) is as follows:
Notes to the Financial Statements as at and for the year ended March 31, 2017
37th Annual Report 2016-17 95
31. SEGMENT INFORMATION
Business segment The business segments have been identified on the basis of the activities undertaken by the
Company. Accordingly, the Company has identified the following reportable segments:
Concrete Sleepers Consists of manufacturing concrete sleepers,
Infrastructure Consists of execution of construction contracts and other infrastructure activities,
Others Consists of miscellaneous business comprising less than 10% revenue on individual basis.
Geographical segment The Company primarily operates in India and therefore the analysis of geographical
segment is demarcated into Domestic and Overseas operations.
(a) Information about Primary Business Segments:
Particulars Concrete Sleepers and Allied
Infrastructure Others Total
2016-17 2015-16 2016-17 2015-16 2016-17 2015-16 2016-17 2015-16
(a) Revenue (Net of Excise Duty and Cess)
External sales 2,810.32 2,866.82 34,382.32 32,689.06 - - 37,192.64 35,555.88
Inter Segment Sales - - - - - - - -
Total Revenue 2,810.32 2,866.82 34,382.32 32,689.06 - - 37,192.64 35,555.88
(b) Results
Segment Results (33.66) (108.43) 5,470.56 5,486.22 - (14.44) 5,436.90 5,363.35
Unallocated Income (Net of unallocated expenses)
(515.75) (333.52)
Operating Profit 4,921.15 5,029.83
Finance Cost 3,592.93 3,601.42
Profit / (loss) before tax 1,328.22 1,428.41
Tax Expenses / (Credit) 280.06 444.11
Profit after tax 1,048.16 984.30
OTHER INFORMATION
(a) Total Assets
Segment Assets 5,197.90 2,000.08 41,434.47 44,137.94 - - 46,632.37 46,138.02
Unallocated Corporate/ other Assets
6,894.64 7,289.56
Total 53,527.01 53,427.58
(b) Total Liabilities
Segment Liabilities 3,575.69 2,341.62 10,692.07 12,921.49 - 11.40 14,267.76 15,274.51
Unallocated Corporate / other Liabilities
23,280.96 23,250.53
Total 37,548.72 38,525.04
(c) Capital Expenditure 2,316.99 33.55 1,448.49 1,104.61 - - 3,765.48 1,138.16
Unallocated, Corporate and others 98.39 3.75
Total 3,863.87 1,141.91
(d) Depreciation and Amortisation 112.93 97.05 1,092.76 972.17 - - 1,205.69 1,069.22
Unallocated, Corporate and others 54.10 80.64
Total 1,259.79 1,149.86
(e) Non cash expenses other than depreciation included in segment expenses for arriving at Segment Results
3.73 0.24 5.67 276.36 - 26.77 9.40 303.13
(` in lacs)
Notes to the Financial Statements as at and for the year ended March 31, 2017
96 GPT Infraprojects Limited
(b) Information about Geographical Segments:
The following table shows the distribution of the Company’s sales and services by geographical market, regardless of where the
goods / services were produced:
Assets and additions to tangible and intangible fixed assets by geographical area: The following table shows the carrying amount
of segment assets and addition to segment assets (tangible and intangible fixed assets) by geographical area in which the assets
are located:
Particulars Carrying amount of segment
assets
Addition to segment assets
(tangible and intangible fixed
assets)
2016-17 2015-16 2016-17 2015-16
(` in lacs) (` in lacs) (` in lacs) (` in lacs)
Domestic 46,245.32 45,577.85 3,780.57 1,776.31
Overseas 387.05 560.17 - -
46,632.37 46,138.02 3,780.57 1,776.31
Particulars 2016-17 2015-16
(` in lacs) (` in lacs)
Domestic 36,020.68 35,534.28
Overseas 1,171.96 21.60
37,192.64 35,555.88
32. In compliance with Accounting Standard – 18, the disclosures regarding related parties are as follows:
A. Name of Related parties:
a) Related parties where control exists
Subsidiaries GPT Investments Private Limited, Mauritius
GPT Concrete Products South Africa (Pty.) Limited, South Africa
Jogbani Highway Private Limited
Superfine Vanijya Private Limited
b) Related parties with whom transaction
have taken place during the year
i) Joint Ventures GPT – Transnamib Concrete Sleepers (Pty.) Limited, Namibia.
GPT – GVV(JV)
GPT – MADHAVA (JV)
GPT – PREMCO – RDS (JV)
GPT – GEO (JV)
GPT – GEO – UTS (JV)
GPT – SLDN – UTS (JV)
GPT – RDS (JV)
GPT – SLDN – COPCO (JV)
GPT Infrastructure Pvt Ltd & Universal Construction Co. (JV)
GPT – RAHEE (JV)
GPT – CVCC – SLDN (JV)
GPT – TRIBENI (JV)
GPT – RANHILL (JV)
GPT – SMC (JV)
GPT – BALAJI – RAWATS (JV)
GPT – BHARTIA (JV)
Notes to the Financial Statements as at and for the year ended March 31, 2017
37th Annual Report 2016-17 97
A. Name of Related parties:
b) Related parties with whom transaction
have taken place during the year
i) Joint Ventures (contd...) BHARAT – GPT (JV)
BHARTIA – GPT – ALLIED (JV)
PREMCO – GPT (JV)
RAHEE – GPT (JV)
RAHEE – GPT (IB) (JV)
RAHEE – GPT (NFR) (JV)
PIONEER – GPT (JV)
GEO Foundation & Structure Pvt Ltd & GPT Infraprojects Ltd (JV)
JMC – GPT (JV)
Hari – GPT (JV)
GPT – SKY (JV)
G R (JV)
ILFS – GPT (JV)
GPT – Balaji (JV)
ii) Key Management Personnel (KMP) Mr. D. P. Tantia – Chairman
Mr. S. G. Tantia – Managing Director
Mr. Atul Tantia – Executive Director
Mr. Vaibhav Tantia – Director and Chief Operating Officer
Mr. Arun Kumar Dokania – Chief Financial Officer
iii) Relatives of Key Management
Personnel ( KMP )
Mrs. Pramila Tantia – Wife of Mr. D.P. Tantia
Mrs. Kriti Tantia – Wife of Mr.Atul Tantia
Mrs. Vinita Tantia – Wife of Mr. S. G. Tantia
Mrs. Radhika Tantia – Wife of Mr.Vaibhav Tantia
Mr. Amrit Jyoti Tantia – Son of Mr. S. G. Tantia
Mrs. Manju Dokania – Wife of Mr. A. K. Dokania
iv) Enterprises owned or significantly
influenced by the KMP/ KMP’s relatives
GPT Castings Limited
GPT Healthcare Private Limited
GPT Estate Private Limited
GPT Sons Private Limited
Govardhan Foundation
Dwarika Prasad Tantia HUF – Mr. D. P. Tantia is the Karta
Shree Gopal Tantia HUF – Mr. S. G. Tantia is the Karta
Notes to the Financial Statements as at and for the year ended March 31, 2017
98 GPT Infraprojects Limited
B.
Det
ails
of
tran
sact
ion
s an
d B
alan
ces
ou
tsta
nd
ing
rel
atin
g t
o J
oin
t V
entu
res:
Nam
e o
f Jo
int
Ven
ture
sSa
les
and
Co
ntr
act
Rev
enu
e
Rec
ove
ry o
f
Mac
hin
e H
ire
&
Staff
Dep
uta
tio
n
char
ges
,
Sale
of
raw
mat
eria
ls a
nd
con
sum
able
s
Pu
rch
ase
of
Raw
mat
eria
l,
Sto
re a
nd
Fixe
d A
sset
s
Ro
yalt
y,
Lice
nse
an
d
Co
nsu
ltan
cy
Fees
Dir
ecto
rs
Rem
un
erat
ion
and
Sit
tin
g
Fees
Shar
e
of
Pro
fit
/ (L
oss
)
fro
m J
V’s
Pre
miu
m
rece
ived
on
red
emp
tio
n
of
inve
stm
ent
in p
refe
ren
ce
shar
es
Div
iden
d
rece
ived
Ou
tsta
nd
ing
Gu
aran
tees
Inve
stm
ents
du
rin
g t
he
year
(net
)
Bal
ance
ou
tsta
nd
ing
as a
t th
e ye
ar
end
(` in
lacs
) (`
in la
cs)
(` in
lacs
) (`
in la
cs)
(` in
lacs
) (`
in la
cs)
(` in
lacs
) (`
in la
cs)
(` in
lacs
) (`
in la
cs)
(` in
lacs
)
GP
T –
GV
V (J
V)
--
--
--
--
-(-
) 1.2
724
.97
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(- 5
.12)
(26
.24
)
GP
T –
MA
DH
AV
A (J
V)
--
--
--
--
--
48
.79
(-)
(-)
(-)
(-)
(-)
(- 1
4.6
6)
(-)
(-)
(-)
(- 5
.14
)(4
8.7
9)
GP
T –
PR
EM
CO
–
RD
S (J
V)
--
--
--
--
-(-
) 0.0
2 (-
) 0.8
5
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(- 7
.91)
(- 0
.83)
GP
T –
GEO
(JV
)-
--
--
37.8
5 -
--
(-) 3
3.0
0
24.5
3
(-)
(-)
(-)
(-)
(-)
(33.
76)
(-)
(-)
(-)
(- 1
9.9
5)(1
9.6
8)
GP
T –
GEO
– U
TS
(JV
)-
--
--
--
--
- 1.
22
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(- 1
.04
)(1
.22)
GP
T –
SLD
N –
UT
S (J
V)
--
--
--
--
-(-
) 2.0
9
36.0
5
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(- 3
6.0
8)
(38
.14
)
GP
T –
RD
S (J
V)
--
--
--
--
-(-
) 2.5
4
52.3
5
(-)
(-)
(-)
(-)
(-)
(- 1
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3)(-
)(-
)(-
)(-
5.6
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4.8
9)
GP
T –
SLD
N –
CO
PC
O (J
V)
--
--
--
--
- -
(-
) 0.2
4
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(0.1
0)
(- 0
.24
)
GP
T In
fras
tru
ctu
re P
vt. L
td.
& U
niv
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l Co
nst
ruct
ion
Co
. (JV
)
--
--
--
--
-(-
) 0.6
012
.02
(16
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)(-
)(-
)(-
)(-
)(-
)(-
)(-
)(-
)(-
)(2
2.6
1)
GP
T –
RA
HE
E (J
V)
-19
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236
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--
2.8
8-
-39
7.50
(-) 6
38.3
81,
145.
58
(-)
(92.
81)
(336
.09
)(-
)(-
)(-
30
6.5
5)(-
)(-
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1.27
)(-
3.9
2)(2
,135
.55)
GP
T –
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CC
– S
LDN
(JV
)-
--
--
--
--
(-) 0
.04
72
.13
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(- 3
1.74
)(7
2.17
)
GP
T –
TR
IBE
NI (
JV)
135.
40
--
--
6.0
1-
-25
0.6
2(-
) 14.
56
175.
99
(48
.94
)(-
)(-
)(-
)(-
)(1
.01)
(-)
(-)
(250
.62)
(- 3
0.0
3)(1
58.6
9)
GP
T –
RA
NH
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(JV
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5.8
1-
--
--
--
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0.4
29
08
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(2,5
40
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(-)
(-)
(-)
(-)
(-)
(-)
(-)
(1,1
08
.81)
(- 2
79.4
5)
(419
.20
)
GP
T –
SM
C (J
V)
-0
.66
--
-(-
) 6
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-
-17
3.6
0(-
) 73
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709.1
7
(-)
(6.9
8)
(25.
83
)(-
)(-
)(-
48
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)(-
)(-
)(1
73.6
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(- 8
2.6
5)
(79
0.2
4)
GP
T –
BA
LAJI
– R
AW
ATS
(JV
)
--
--
-10
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--
-(-
) 7.3
9
2.4
2
(-)
(-)
(-)
(-)
(-)
(25.
85)
(-)
(-)
(-)
(- 3
1.9
5)(-
1.0
2)
GP
T –
BH
AR
TIA
(JV
)-
--
--
28.3
1-
--
(-)1
03.
35
-
(-)
(-)
(-)
(-)
(-)
(75.
04
)(-
)(-
)(-
)(-
54.
55)
(75.
04
)
No
tes
to t
he
Fin
anci
al S
tate
me
nts
as a
t an
d fo
r th
e ye
ar e
nded
Mar
ch 3
1, 2
017
37th Annual Report 2016-17 99
B.
Det
ails
of
tran
sact
ion
s an
d B
alan
ces
ou
tsta
nd
ing
rel
atin
g t
o J
oin
t V
entu
res:
Nam
e o
f Jo
int
Ven
ture
sSa
les
and
Co
ntr
act
Rev
enu
e
Rec
ove
ry o
f
Mac
hin
e H
ire
&
Staff
Dep
uta
tio
n
char
ges
,
Sale
of
raw
mat
eria
ls a
nd
con
sum
able
s
Pu
rch
ase
of
Raw
mat
eria
l,
Sto
re a
nd
Fixe
d A
sset
s
Ro
yalt
y,
Lice
nse
an
d
Co
nsu
ltan
cy
Fees
Dir
ecto
rs
Rem
un
erat
ion
and
Sit
tin
g
Fees
Shar
e
of
Pro
fit
/ (L
oss
)
fro
m J
V’s
Pre
miu
m
rece
ived
on
red
emp
tio
n
of
inve
stm
ent
in p
refe
ren
ce
shar
es
Div
iden
d
rece
ived
Ou
tsta
nd
ing
Gu
aran
tees
Inve
stm
ents
du
rin
g t
he
year
(net
)
Bal
ance
ou
tsta
nd
ing
as a
t th
e ye
ar
end
(` in
lacs
) (`
in la
cs)
(` in
lacs
) (`
in la
cs)
(` in
lacs
) (`
in la
cs)
(` in
lacs
) (`
in la
cs)
(` in
lacs
) (`
in la
cs)
(` in
lacs
)
GP
T T
ran
snam
ib C
on
cret
e
Slee
per
s (P
ty.)
Lim
ited
--
-33
.59
11.9
3-
-8
7.0
3-
- 29
9.6
3
(-)
(-)
(-)
(38
.97)
(6.1
8)
(-)
(20
.69
)(3
38.7
4)
(-)
(- 1
03.
37)
(313
.84
)
BH
AR
AT –
GP
T (J
V)
--
--
-2.
05
--
-(-
) 2.0
0
0.0
5
(-)
(-)
(-)
(-)
(-)
(3.6
6)
(-)
(-)
(-)
(- 2
6.2
1)(-
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BH
AR
TIA
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PT
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LLIE
D
(JV
)
--
--
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--
-(-
) 53.
39-
(-)
(-)
(-)
(-)
(-)
(51.
00
)(-
)(-
)(-
)(-
85.
84
)(-
)
Geo
Fo
un
dat
ion
&
Stru
ctu
re P
vt. L
td. &
GP
T
Infr
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ject
s Li
mite
d (J
V)
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9-
--
--
--
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) 63.
59
38.3
3
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(30
0.6
2)(1
6.7
3)(1
18.6
7)
JMC
– G
PT
(JV
)-
--
--
--
--
(-) 0
.64
8
.04
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(- 2
.71)
(8.6
8)
PR
EM
CO
– G
PT
(JV
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--
--
3.8
6-
--
(-) 1
2.0
2 3.
86
(-)
(-)
(-)
(-)
(-)
(0.0
7)(-
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NE
ER
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95
(-)
(-)
(-)
(-)
(-)
(2.9
5)(-
)(-
)(-
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8.1
8)
(2.9
5)
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HE
E –
GP
T (J
V)
--
--
-2.
25-
-19
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(-) 4
2.34
147.
54
(-)
(-)
(-)
(-)
(-)
(0.7
7)(-
)(-
)(-
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2.5
0)
(18
7.6
3)
RA
HE
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GP
T (I
B) (
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--
--
-1.
07
--
-(-
) 1.0
012
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(-)
(-)
(-)
(-)
(-)
(1.9
5)(-
)(-
)(-
)(-
4.3
0)
(12.
86
)
RA
HE
E –
GP
T (N
FR)
(JV
)-
--
--
--
--
(-) 0
.96
-
(-)
(-)
(-)
(-)
(-)
(- 0
.06
)(-
)(-
)(-
)(-
)(0
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)
Har
i – G
PT
(JV
)-
--
--
60
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--
-(-
) 46
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14.3
0
(-)
(-)
(-)
(-)
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(44.
50)
(-)
(-)
(-)
(- 4
4.0
7)(0
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G R
(JV
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--
139.
26-
--
(-) 1
13.9
025
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(-)
(-)
(-)
(-)
(-)
(14.
95)
(-)
(-)
(-)
(- 1
4.59
)(0
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)
GP
T –
SK
Y (J
V)
--
--
-9.2
1-
-10
7.0
84
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(-) 1.
24(-
)(-
)(-
)(-
)(-
)(5
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)(-
)(-
)(1
07.
08
)(-
20
.46
)(-
14
.78
)
ILFS
– G
PT
(JV
)-
--
--
--
-18
1.8
8-
-(-
)(-
)(-
)(-
)(-
)(-
)(-
)(-
)(1
51.
88
)(-
)(-
)
GP
T -
BA
LAJI
(JV
)-
--
--
1.0
8-
--
(-) 1.
03
0.0
5(-
)(-
)(-
)(-
)(-
)(-
)(-
)(-
)(-
)(-
)(-
)
No
tes
to t
he
Fin
anci
al S
tate
me
nts
as a
t an
d fo
r th
e ye
ar e
nded
Mar
ch 3
1, 2
017
100 GPT Infraprojects Limited
Details of transactions and Balances outstanding relating to Others :
Nature of Transaction Subsidiaries Key
Management
Personnel
Enterprises over
which KMP/ KMP’s
relatives having
significant influence
Relatives of Key
Management
Personnel
Total
(` in lacs) (` in lacs) (` in lacs) (` in lacs) (` in lacs)
Scrap sales
GPT Castings Limited- - 52.97 - 52.97
(-) (-) (20.62) (-) (20.62)
Interest Received
Superfine Vanijya Private Limited 3.40 - - - 3.40
(16.13) (-) (-) (-) (16.13)
GPT Concrete Products South
Africa (Pty.) Limited
3.34 - - - 3.34
(-) (-) (-) (-) (-)
GPT Castings Limited- - - - -
(-) (-) (16.58) (-) (16.58)
Refund received for Loans
Given
GPT Castings Limited- - - - -
(-) (-) (743.10) (-) (743.10)
Superfine Vanijya Private Limited - - - - -
(416.68) (-) (-) (-) (416.68)
Purchase of Raw Materials
GPT Castings Limited- - 489.34 - 489.34
(-) (-) (753.98) (-) (753.98)
Reimbursement paid for Staff
Deputation Charges and other
expenses
GPT Healthcare Private Limited- - - - -
(-) (-) (0.84) (-) (0.84)
GPT Estate Private Limited- - 39.16 - 39.16
(-) (-) (33.90) (-) (33.90)
Interest Paid on Loan Taken
GPT Sons Private Limited- - 52.42 - 52.42
(-) (-) (-) (-) (-)
Rent Paid
GPT Sons Private Limited- - 9.00 - 9.00
(-) (-) (9.00) (-) (9.00)
GPT Estate Private Limited- - 142.73 - 142.73
(-) (-) (124.20) (-) (124.20)
Mr. S. G. Tantia- 0.30 - - 0.30
(-) (0.30) (-) (-) (0.30)
Mr. D. P. Tantia- 4.50 - - 4.50
(-) (-) (-) (-) (-)
Mr. Vaibhav Tantia- 0.42 - - 0.42
(-) (0.42) (-) (-) (0.42)
Mrs. Pramila Tantia- - - 0.30 0.30
(-) (-) (-) (0.30) (0.30)
Notes to the Financial Statements as at and for the year ended March 31, 2017
37th Annual Report 2016-17 101
Details of transactions and Balances outstanding relating to Others :
Nature of Transaction Subsidiaries Key
Management
Personnel
Enterprises over
which KMP/ KMP’s
relatives having
significant influence
Relatives of Key
Management
Personnel
Total
(` in lacs) (` in lacs) (` in lacs) (` in lacs) (` in lacs)
Salary / Remuneration Paid
Mr. D. P. Tantia - 15.25 - - 15.25
(-) (16.42) (-) (-) (16.42)
Mr. S. G. Tantia - 68.64 - - 68.64
(-) (60.00) (-) (-) (60.00)
Mr. Atul Tantia - 53.16 - - 53.16
(-) (45.62) (-) (-) (45.62)
Mr. Vaibhav Tantia - 53.16 - - 53.16
(-) (45.62) (-) (-) (45.62)
Mr. Amrit Jyoti Tantia - - - 14.44 14.44
(-) (-) (-) (5.39) (5.39)
Mr. Arun Kumar Dokania - 55.73 - - 55.73
(-) (46.37) (-) (-) (46.37)
Directors Sitting Fees Paid
Mr. D. P. Tantia - 3.20 - - 3.20
(-) (1.42) (-) (-) (1.42)
Donation Paid
M/s. Govardhan Foundation - - 12.00 - 12.00
(-) (-) (11.74) (-) (11.74)
Dividend Paid
Mr. D. P. Tantia - 4.49 - - 4.49
(-) (8.99) (-) (-) (8.99)
Mr. S. G. Tantia - 8.38 - - 8.38
(-) (22.06) (-) (-) (22.06)
Mr. Atul Tantia - 4.17 - - 4.17
(-) (8.35) (-) (-) (8.35)
Mr. Vaibhav Tantia - 3.42 - - 3.42
(-) (6.10) (-) (-) (6.10)
Mr. Arun Kumar Dokania - 0.01 - - 0.01
(-) (0.02) (-) (-) (0.02)
Dwarika Prasad Tantia HUF - - 1.21 - 1.21
(-) (-) (2.22) (-) (2.22)
Shree Gopal Tantia HUF - - 1.57 - 1.57
(-) (-) (3.13) (-) (3.13)
GPT Sons Private Limited - - 46.10 - 46.10
(-) (-) (92.21) (-) (92.21)
Mrs. Pramila Tantia - - - 4.44 4.44
(-) (-) (-) (8.89) (8.89)
Mrs. Kriti Tantia - - - 2.13 2.13
(-) (-) (-) (4.27) (4.27)
Notes to the Financial Statements as at and for the year ended March 31, 2017
102 GPT Infraprojects Limited
Details of transactions and Balances outstanding relating to Others :
Nature of Transaction Subsidiaries Key
Management
Personnel
Enterprises over
which KMP/ KMP’s
relatives having
significant influence
Relatives of Key
Management
Personnel
Total
(` in lacs) (` in lacs) (` in lacs) (` in lacs) (` in lacs)
Mrs. Radhika Tantia - - - 1.00 1.00
(-) (-) (-) (2.00) (2.00)
Mrs. Vinita Tantia- - - 4.60 4.60
(-) (-) (-) (9.21) (9.21)
Mr. Amrit Jyoti Tantia- - - 6.74 6.74
(-) (-) (-) (9.48) (9.48)
Mrs. Manju Dokania- - - 0.01 0.01
(-) (-) (-) (0.01) (0.01)
Loans Given
Superfine Vanijya Private Limited 50.00 - - - 50.00
(100.00) (-) (-) (-) (100.00)
GPT Concrete Products South
Africa (Pty.) Limited
349.03 - - - 349.03
(-) (-) (-) (-) (-)
GPT Castings Limited- - - - -
(-) (-) (743.10) (-) (743.10)
Loan Taken
GPT Sons Private Limited- - 2609.50 - 2609.50
(-) (-) (-) (-) (-)
Repayment of Loan taken
GPT Sons Private Limited- - 1575.75 - 1575.75
(-) (-) (-) (-) (-)
Outstanding Guarantees
GPT Concrete Products South
Africa (Pty.) Limited
1154.63 - - - 1154.63
(1456.49) (-) (-) (-) (1456.49)
Jogbani Highway Private
Limited
368.00 - - - 368.00
(368.00) (-) (-) (-) (368.00)
Balance outstanding as at the
year end – Debit GPT Concrete
Products South Africa (Pty.)
Limited
388.63 - - - 388.63
(37.06) (-) (-) (-) (37.06)
GPT Investments Private Limited935.42 - - - 935.42
(935.42) (-) (-) (-) (935.42)
Superfine Vanijya Private Limited 203.79 - - - 203.79
(153.53) (-) (-) (-) (153.53)
Jogbani Highway Private
Limited
186.58 - - - 186.58
(153.94) (-) (-) (-) (153.94)
GPT Castings Limited - - 784.00 - 784.00
(-) (-) (-) (-) (-)
GPT Estate Private Limited- - 74.77 - 74.77
(-) (-) (10.55) (-) (10.55)
Mr. S. G. Tantia- - - - -
(-) (2.18) (-) (-) (2.18)
Notes to the Financial Statements as at and for the year ended March 31, 2017
37th Annual Report 2016-17 103
C. Other Transaction :-
In an earlier year, the following related parties had pledged the below mentioned shares in favour of the consortium bankers
as an additional security towards credit facilities including non fund based credit facilities sanctioned to the Company by such
consortium bankers.
Name of the Related Party No of shares pledged
GPT Sons Private Limited 4,610,398
Mr. Dwarika Prasad Tantia 311,744
Mr. Shree Gopal Tantia 311,743
The above mentioned parties and number of shares pledged remain unchanged as on the balance sheet date.
Details of transactions and Balances outstanding relating to Others :
Nature of Transaction Subsidiaries Key
Management
Personnel
Enterprises over
which KMP/ KMP’s
relatives having
significant influence
Relatives of Key
Management
Personnel
Total
(` in lacs) (` in lacs) (` in lacs) (` in lacs) (` in lacs)Balance outstanding as at the
year end – Credit
Mr. D. P. Tantia- 15.25 - - 15.25
(-) (16.75) (-) (-) (16.75)
Mr. S. G. Tantia- 6.30 - - 6.30
(-) (-) (-) (-) (-)
Mr. Atul Tantia- 4.12 - - 4.12
(-) (4.26) (-) (-) (4.26)
Mr. Vaibhav Tantia- 4.19 - - 4.19
(-) (4.26) (-) (-) (4.26)
Mr. Amrit Jyoti Tantia- - - 1.64 1.64
(-) (-) (-) (1.34) (1.34)
Mr. Arun Kumar Dokania- 3.57 - - 3.57
(-) (4.09) - - (4.09)
GPT Sons Private Limited- - 1100.91 - 1100.91
(-) (-) (11.87) (-) (11.87)
GPT Healthcare Private Limited- - - - -
(-) (-) (3.70) (-) (3.70)
GPT Castings Limited- - - - -
(-) (-) (146.77) (-) (146.77)Outstanding Personal
Guarantee / Corporate
Guarantees given on behalf of
the Company*
Mr. D. P. Tantia- 45039.59 - - 45,039.59
(-) (39885.19) (-) (-) (39,885.19)
Mr. S. G. Tantia - 45039.59 - - 45,039.59
(-) (39885.19) (-) (-) (39,885.19)
Mr. Vaibhav Tantia- 45081.76 - - 45,081.76
(-) (39885.19) (-) (-) (39,885.19)
Mr. Atul Tantia- 45431.78 - - 45431.78
(-) (41569.23) (-) (-) (41569.23)
GPT Estate Private Limited- - - - -
(-) (-) (1,035.11) (-) (1,035.11)
* represents aggregate amount of fund and non fund based borrowing limits available to the Company that are secured by
assets and these personal guarantees as set out in note 5 and 8.
Note: Figures in bracket relates to previous year.
Notes to the Financial Statements as at and for the year ended March 31, 2017
104 GPT Infraprojects Limited
33. INTEREST IN JOINT VENTURES:
a. Particulars of the Company’s interest in Joint Ventures (jointly controlled entity) are as below:
Name of Joint Venture Proportion of Interest Country of
2016-17 2015-16 Incorporation Residence
GPT – GVV(JV) 60.00% 60.00% India India
GPT – MADHAVA (JV) 49.00% 49.00% India India
GPT – PREMCO – RDS (JV) 45.00% 45.00% India India
GPT – GEO (JV) 60.00% 60.00% India India
GPT – GEO – UTS (JV) 60.00% 60.00% India India
GPT – SLDN – UTS (JV) 60.00% 60.00% India India
GPT – RDS (JV) 50.00% 50.00% India India
GPT – SLDN – COPCO (JV) 60.00% 60.00% India India
GPT Infrastructure Pvt Ltd & Universal Construction
Co. (JV)
60.00% 60.00% India India
GPT – RAHEE (JV) India India
GPT – Rahee (JV) - Fabrication and Jodhpur 50.00% 50.00%
GPT – Rahee (JV) - Erection 65.00% 65.00%
GPT – CVCC – SLDN (JV) 37.50% 37.50% India India
GPT – TRIBENI (JV) 60.00% 60.00% India India
GPT – RANHILL (JV) 99.99% 99.99% India India
GPT – SMC (JV) 51.00% 51.00% India India
GPT – BALAJI – RAWATS (JV) 51.00% 51.00% India India
GPT – BHARTIA (JV) 61.75% 61.75% India India
GPT – Transnamib Concrete Sleepers (Pty) Limited 37.00% 37.00% Namibia Namibia
BHARAT – GPT (JV) 50.00% 50.00% India India
BHARTIA – GPT – ALLIED (JV) 65.00% 65.00% India India
GEO Foundation & Structure Pvt Ltd & GPT
Infraprojects Ltd (JV)
49.00% 49.00% India India
JMC – GPT (JV) 99.99% 99.99% India India
PREMCO – GPT (JV) 40.00% 40.00% India India
PIONEER – GPT (JV) 80.00% 80.00% India India
RAHEE – GPT (JV)
Rahee – GPT (JV) – Mahanadi 50.00% 50.00%
India IndiaRahee – GPT (JV) – Patna 51.00% 51.00%
Rahee – GPT (JV) – Brajrajnagar 30.00% 30.00%
RAHEE – GPT (IB) (JV) 30.00% 30.00% India India
RAHEE – GPT (NFR) (JV) 51.00% 51.00% India India
Hari – GPT (JV) 51.00% 51.00% India India
GPT – SKY (JV) 61.00% 61.00% India India
G R (JV) 51.00% 51.00% India India
ILFS – GPT (JV) 10.00% 10.00% India India
GPT – Balaji (JV) 51.00% - India India
Notes to the Financial Statements as at and for the year ended March 31, 2017
37th Annual Report 2016-17 105
b. The Company’s share of assets, liabilities, income and expenses in the Joint Ventures as at and for the year ended 31st
March 2017 is as follows:
Name of the joint venture
Company’s share in
Assets Liabilities Income Expenses Profit / Loss
(-) after tax
(` in lacs) (` in lacs) (` in lacs) (` in lacs) (` in lacs)
GPT – GVV(JV) 20.50 20.50 - - -
(21.78) (21.78) (-) (-) (-)
GPT – MADHAVA (JV) 49.18 49.18 - - -
(48.79) (48.79) (-) (14.66) (- 14.66)
GPT – PREMCO – RDS (JV) 0.40 0.40 - - -
(- 0.34) (- 0.34) (-) (-) (-)
GPT – GEO (JV) 149.16 149.16 1,135.51 1,097.66 37.85
(76.32) (76.32) (1,012.72) (978.96) (33.76)
GPT – GEO – UTS (JV) 1.04 1.04 - - -
(1.04) (1.04) (-) (-) (-)
GPT – SLDN – UTS (JV) 37.21 37.21 - - -
(39.29) (39.29) (-) (-) (-)
GPT – RDS (JV) 52.35 52.35 - - -
(54.89) (54.89) (-) (10.13) (- 10.13)
GPT – SLDN – COPCO (JV) 0.12 0.12 - - -
(0.02) (0.02) (-) (-) (-)
GPT Infrastructure Pvt Ltd & Universal
Construction Co. (JV)
6.95 6.95 - - -
(13.04) (13.04) (9.71) (9.71) (-)
GPT – RAHEE (JV) 1,275.38 1,275.38 252.41 249.53 2.88
(2,728.80) (2,728.80) (1,086.57) (1,393.12) (- 306.55)
GPT – CVCC – SLDN (JV) 72.13 72.13 - - -
(72.17) (72.17) (-) (-) (-)
GPT – TRIBENI (JV) 116.18 116.18 85.58 79.57 6.01
(93.42) (93.42) (30.91) (29.90) (1.01)
GPT – RANHILL (JV) 1138.71 1138.71 2,869.97 2,869.97 -
(586.18) (586.18) (3,442.55) (3,442.55) (-)
GPT – SMC (JV) 759.27 759.27 25.03 31.33 (-) 6.30
(914.67) (914.67) (65.84) (114.67) (- 48.83)
GPT – BALAJI – RAWATS (JV) 137.62 137.62 221.95 211.12 10.83
(129.88) (129.88) (527.38) (501.53) (25.85)
GPT – BHARTIA (JV) 1.71 1.71 699.19 670.88 28.31
(153.60) (153.60) (1,853.58) (1,778.54) (75.04)
GPT – Transnamib Concrete Sleepers (Pty)
Limited
1,053.62 1,053.62 1,101.94 905.46 196.48
(663.32) (663.32) (1,301.90) (1,135.71) (166.19)
BHARAT – GPT (JV) 3.48 3.48 41.07 39.02 2.05
(0.15) (0.15) (73.57) (69.90) (3.67)
BHARTIA – GPT – ALLIED(JV) 24.34 24.34 1,318.74 1,265.35 53.39
(3.24) (3.24) (1,267.28) (1,216.28) (51.00)
GEO Foundation & Structure Pvt Ltd & GPT
Infraprojects Ltd (JV)
30.20 30.20 8.47 8.47 -
(102.92) (102.92) (-) (-) (-)
Notes to the Financial Statements as at and for the year ended March 31, 2017
106 GPT Infraprojects Limited
b. The Company’s share of assets, liabilities, income and expenses in the Joint Ventures as at and for the year ended
31st March 2017 is as follows:
Name of the joint venture
Company’s share in
Assets Liabilities Income Expenses Profit / Loss
(-) after tax
(` in lacs) (` in lacs) (` in lacs) (` in lacs) (` in lacs)
JMC – GPT (JV)8.03 8.03 - - -
(8.68) (8.68) (-) (-) (-)
PREMCO – GPT (JV)43.32 43.32 74.47 70.61 3.86
(47.43) (47.43) (0.10) (0.03) (0.07)
PIONEER – GPT (JV)3.06 3.06 - - -
(3.06) (3.06) (56.90) (53.95) (2.95)
RAHEE – GPT (JV)229.17 229.17 14.79 12.54 2.25
(268.81) (268.81) (44.60) (43.83) (0.77)
RAHEE – GPT – (IB) (JV)121.03 121.03 13.19 12.12 1.07
(132.81) (132.81) (23.30) (21.35) (1.95)
RAHEE – GPT – NFR (JV)2.03 2.03 - - -
(1.27) (1.27) (-) (0.06) (- 0.06)
Hari – GPT (JV)332.17 332.17 1,239.60 1,178.84 60.76
(106.39) (106.39) (907.77) (863.27) (44.50)
GPT – SKY (JV)116.94 116.94 449.45 440.24 9.21
(42.87) (42.87) (277.41) (271.72) (5.69)
G R (JV)1,776.45 1,776.45 3,998.01 3,858.75 139.26
(1,010.98) (1,010.98) (622.10) (607.15) (14.95)
GPT – Balaji (JV)11.90 11.90 22.07 20.99 1.08
(-) (-) (-) (-) (-)
Note: Company’s share of capital commitments and contingent liabilities of the Joint Ventures ` Nil (31st March 2016 : ` 13.71
lacs).
Particulars 2016-17 2015-16
(` in lacs) (` in lacs)
I. Managing and Executive Directors:
Salary and Allowances (refer note below) 174.95 151.24
II. Non-executive Directors
Commission 15.25 16.42
Total 190.20 167.66
Note: As the future liability for gratuity and leave encashment is provided on an actuarial basis for the Company as a whole, the
amount pertaining to the directors is not ascertainable and therefore, not included above.
34. DIRECTORS’ REMUNERATION
Details of Directors’ Remuneration are as follows:
Notes to the Financial Statements as at and for the year ended March 31, 2017
37th Annual Report 2016-17 107
Particulars As at
March 31, 2017
As at
March 31 2016
(` in lacs) (` in lacs)
Trade Receivable 424.56 606.85
Cash and Bank Balance 1.22 1.73
Investments 1,232.58 1,232.58
Fixed Assets at foreign project site - 5.33
Trade Payables 53.25 36.89
Loan Given 349.03 -
Interest accrued on loan given 3.34 -
35. UNHEDGED FOREIGN CURRENCY EXPOSURE AS ON THE BALANCE SHEET DATE ARE AS UNDER :
The Particulars of unhedged foreign currency exposure at the balance sheet date are as follows:
Particulars 2016-17 2015-16
(` in lacs) (` in lacs)
F.O.B. Value of Exports 391.29 19.62
License fees received 33.59 38.97
Premium on redemption of preference shares - 20.69
Dividend Received (net of taxes) 78.33 304.87
Interest Received on loan given 3.34 -
Other Non Operating Income (Director Remuneration, Sitting Fees, etc.) 11.96 6.18
36. EARNINGS IN FOREIGN CURRENCY (ACCRUAL BASIS)
Particulars 2016-17 2015-16
(` in lacs) (` in lacs)
Travelling 3.33 0.16
Professional Fees - 33.86
Payment to sub-contractor 314.23 440.16
Interest 2.91 0.50
Expenditure for foreign project site - 227.50
37. EXPENDITURE IN FOREIGN CURRENCY (ACCRUAL BASIS)
38. The Company has operating leases for office and other premises that are renewable on a periodic basis and are cancelable by
giving a notice period ranging from one month to three months. The amount of rent expenses included in statement of profit
and loss towards operating leases aggregate to ` 232.11 lacs (31st March 2016 : ` 221.31 lacs).
Notes to the Financial Statements as at and for the year ended March 31, 2017
108 GPT Infraprojects Limited
Particulars 2016-17 2015-16
(` in lacs) Percentage (` in lacs) Percentage
(i) Raw Materials
Imported - - - -
Indigenous 1,418.36 100.00% 2,240.22 100.00%
Total : 1,418.36 100.00% 2,240.22 100.00%
(ii) Construction Materials
Imported - - - -
Indigenous 13,803.68 100.00% 11,939.33 100.00%
Total : 13,803.68 100.00% 11,939.33 100.00%
(iii) Stores & Spares
Imported - - - -
Indigenous 1,921.01 100.00% 1,753.04 100.00%
Total : 1,921.01 100.00% 1,753.04 100.00%
39. Value of imported and indigenous Raw Materials, Construction Materials and Stores & Spares consumed:
Particulars 2016-17 2015-16
(` in lacs) (` in lacs)
Contract income recognized as revenue during the year 34,372.13 32,687.93
Aggregate amount of costs incurred and recognized profits (less recognized losses) till
date for contracts in progress
104,096.98 104,008.19
Advances received (unadjusted) for contracts in progress 1,740.21 3,022.27
Retention amount for contracts in progress 3,418.32 2,825.75
Gross amount due from customers for contract work for contracts in progress 15,734.61 19,381.09
a. Consequent to revision in cost to complete of an ongoing project during the year, unbilled revenue aggregating ` 1,533.51
lacs had to be reversed in these financial statements
b. Based on final measurement of certain significantly completed projects jointly carried out during the year by the Company and
customer, it has been considered prudent to reverse unbilled revenue aggregating ̀ 2,833.51 lacs in these financial statements.
40. CONSTRUCTION CONTRACTS DISCLOSURE:
Information relating to Construction contracts as per Accounting Standard 7 (Revised) are given below:
Gratuity (Funded)
Particulars 2016-17 2015-16
(` in lacs) (` in lacs)
Movement in defined benefit obligation
Obligation at the beginning of the year 277.31 244.43
Current Service Cost 42.67 31.49
Interest Cost 23.66 20.93
Actuarial (gain) / loss 43.96 8.81
Benefits paid (33.99) (28.35)
Obligation at the year end 353.61 277.31
Change in Plan Assets
Plan assets at period beginning, at fair value 86.53 92.77
Expected return on plan assets 7.75 7.17
Actuarial gain / (Loss) 2.86 (6.24)
Contributions 57.04 21.18
Benefits paid (33.99) (28.35)
Plan Assets at the year end, at fair value 120.19 86.53
41. (a) Gratuity
The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service is entitled to
Gratuity on terms not less favorable than the provisions of The Payment of Gratuity Act, 1972. The scheme is funded.
Notes to the Financial Statements as at and for the year ended March 31, 2017
37th Annual Report 2016-17 109
Gratuity (Funded)
Particulars 2016-17 2015-16
(` in lacs) (` in lacs)
Reconciliation of present value of the obligation and the fair Value of plan assets.
Fair Value of plan assets at the end of the year 120.19 86.53
Present value of the defined benefit obligations at the end of the year 353.61 277.31
Liability / (Assets) recognised in the Balance Sheet 233.42 190.78
Cost for the Year
Current service cost 42.67 31.49
Interest cost 23.66 20.93
Expected return on plan assets (7.75) (7.17)
Actuarial (gain) / loss 41.10 15.05
Net Cost recognized in the statement of Profit and Loss 99.68 60.30
Assumptions used to determine the benefit obligations :
Discount rate 7.50% 8.00%
Estimated rate of return on plan assets 7.50% 8.00%
Salary growth rate (per annum) 6.00% 6.00%
Employee turnover 8.00% at younger ages and
reducing to 1.00% at older age
according to graduated scale
The major categories of plan assets as a percentage of the fair value of total plan assets
are as follows:
Funded with the insurer 100.00% 100.00%
The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion and
other relevant factors, such as supply and demand in the employment market.
41. (a) Gratuity
The overall expected rate of return on assets is determined based on the market prices prevailing on that date, applicable to the
period over which the obligation is to be settled. There has been significant change in expected rate of return on assets due to
change in the market scenario.
The amount for current and previous four years are as follows:-
The Company expects to contribute ` 78.18 lacs (31st March 2016 : ` 61.64 lacs) in the year 2017 – 18.
The overall expected rate of return on assets is determined based on the market prices prevailing on that date, applicable to the
period over which the obligation is to be settled.
ParticularsGratuity (Funded)
2017 2016 2015 2014 2013
(` in lacs) (` in lacs) (` in lacs) (` in lacs) (` in lacs)
Defined value of obligations at the end of the year 353.61 277.31 244.43 189.54 158.26
Plan Assets at the end of the period 120.19 86.53 92.77 97.59 92.61
Deficit (233.42) (190.78) (151.66) (91.95) (65.65)
Experience (Gain) / Loss on Plan Liabilities 21.43 18.38 28.84 (3.27) (19.93)
Experience Gain / (Loss) on Plan Assets 2.86 (6.24) 5.44 0.75 (4.55)
The Management has relied on the overall actuarial valuation conducted by the actuary.
Particulars 2016-17 2015-16
(` in lacs) (` in lacs)
Contribution to Provident Fund 87.80 64.39
Note: The estimates of future salary increase considered in actuarial valuation, takes account of inflation, seniority, promotion
and other relevant factors, such as supply and demand in the employment market.
(b) Amount incurred as expense for defined contribution plans
Notes to the Financial Statements as at and for the year ended March 31, 2017
110 GPT Infraprojects Limited
Name of the CompanyNature of
transaction
As at
March 31 2017
As at
March 31 2016
(` in lacs) (` in lacs)
Superfine Vanijya Private Limited Loan given 50.00 -
RDS Realities Limited Loan given 120.00 120.00
GPT Concrete Products South Africa (Pty.) Limited, South Africa. Loan given 349.03 -
Petal Distributors Private Limited Loan given - 16.87
GPT Concrete Products South Africa (Pty.) Limited, South Africa. Guarantee given 1,154.53 1,456.49
Note.
i. Necessary disclosure as required under Section 186(4) of the Companies Act, 2013 in respect of Investments are given in
note no 12.
ii. All the Loan / Guarantees given to the Companies are for their general business purpose.
42. Details of Loans given, Investments made and guarantee given covered under Section 186(4) of the Companies Act, 2013.
ParticularsSpecified Bank
Notes
Other
Denomination
Notes
Total
(` in lacs) (` in lacs) (` in lacs)
(a) (b) (c) (d) = (b+c)
Closing Cash in Hand as on 08.11.2016 15.38 30.23 45.61
Add. Permitted Receipts - 61.92 61.92
Less. Permitted Payments - 67.97 67.97
Less. Amount deposited in Banks 15.38 - 15.38
Closing Cash in Hand as on 30.12.2016 - 24.18 24.18
43. In terms of notification no G.S.R.308 (E) dated 30th March 2017 of Ministry of Corporate Affairs, necessary disclosures on details
of Specified Bank Notes and other denomination notes held and transacted during the period from 8th November, 2016 to 30th
December 2016 are provided as under :-
44. Previous year’s figures including those given in brackets have been regrouped / re-arranged wherever considered necessary to
conform to current year’s classification.
As per our attached report of even date For and on behalf of the Board of Directors
For S. R. Batliboi & Co. LLP D. P. Tantia S. G. Tantia
Chartered Accountants Chairman Managing Director
ICAI Firm registration number: 301003E/E300005
per Bhaswar Sarkar Atul Tantia V. N. Purohit
Partner Executive Director Director
Membership no.: 055596
Place: Kolkata A. K. Dokania
Date: 23rd May 2017 Chief Financial Officer
Notes to the Financial Statements as at and for the year ended March 31, 2017
37th Annual Report 2016-17 111
To the Members of
GPT Infraprojects Limited
Report on the Consolidated Financial Statements
We have audited the accompanying consolidated financial
statements of GPT Infraprojects Limited (hereinafter referred
to as “the Holding Company”), its subsidiaries (the Holding
Company and its subsidiaries together referred to as “the Group”)
and jointly controlled entities, comprising of the consolidated
Balance Sheet as at March 31, 2017, the consolidated Statement
of Profit and Loss and consolidated Cash Flow Statement for
the year then ended, and a summary of significant accounting
policies and other explanatory information (hereinafter referred
to as ‘the consolidated financial statements’).
Management’s Responsibility for the Consolidated Financial
Statements
The Holding Company’s Board of Directors is responsible for
the preparation of these consolidated financial statements in
terms of the requirement of the Companies Act, 2013 (“the
Act”) that give a true and fair view of the consolidated financial
position, consolidated financial performance and consolidated
cash flows of the Group including jointly controlled entities
in accordance with accounting principles generally accepted
in India, including the Accounting Standards specified under
Section 133 of the Act, read with Rule 7 of the Companies
(Accounts) Rules, 2014 and Companies (Accounting Standards)
Amendment Rules, 2016. The respective Board of Directors
of the companies included in the Group are responsible for
maintenance of adequate accounting records in accordance
with the provisions of the Act for safeguarding of the assets of
the Group and of its jointly controlled entities and for preventing
and detecting frauds and other irregularities; the selection
and application of appropriate accounting policies; making
judgments and estimates that are reasonable and prudent;
and the design, implementation and maintenance of adequate
internal financial controls, that were operating effectively for
ensuring the accuracy and completeness of the accounting
records, relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free
from material misstatement, whether due to fraud or error,
which have been used for the purpose of preparation of the
consolidated financial statements by the Directors of the
Holding Company, as aforesaid.
Auditor’s Responsibility
Our responsibility is to express an opinion on these consolidated
financial statements based on our audit. While conducting the
audit, we have taken into account the provisions of the Act,
the accounting and auditing standards and matters which are
required to be included in the audit report under the provisions
of the Act and the Rules made thereunder. We conducted our
audit in accordance with the Standards on Auditing, issued by
the Institute of Chartered Accountants of India, as specified
under Section 143(10) of the Act. Those Standards require that
we comply with ethical requirements and plan and perform
the audit to obtain reasonable assurance about whether the
financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit
evidence about the amounts and disclosures in the consolidated
financial statements. The procedures selected depend on the
auditor’s judgment, including the assessment of the risks of
material misstatement of the consolidated financial statements,
whether due to fraud or error. In making those risk assessments,
the auditor considers internal financial control relevant to the
Holding Company’s preparation of the consolidated financial
statements that give a true and fair view in order to design audit
procedures that are appropriate in the circumstances. An audit
also includes evaluating the appropriateness of accounting
policies used and the reasonableness of the accounting estimates
made by the Holding Company’s Board of Directors, as well as
evaluating the overall presentation of the consolidated financial
statements. We believe that the audit evidence obtained by us
and the audit evidence obtained by the other auditors in terms
of their reports referred to in paragraph (a) of the Other Matters
below, is sufficient and appropriate to provide a basis for our
qualified audit opinion on the consolidated financial statements.
Basis for qualified opinion
Attention is invited to note 26(C) to the consolidated financial
statements regarding unbilled revenue, accrued price escalations
and trade receivables, all classified by management as current,
on certain completed construction contracts aggregating `
3,895.08 lacs, which are yet to be billed / realised by the Group
and that are largely outstanding for more than 3 years. Due to the
uncertainties over the eventual billings / collections of the said
amounts, we are unable to comment on the appropriateness
or otherwise of the aforesaid balances being carried forward
or their classification as current in these consolidated financial
statements including the extent of recoverability of the above
asset balances, the period over which these are expected to be
recovered and any other consequential impact that may arise
in this regard.
Independent Auditor’s Report
112 GPT Infraprojects Limited
Qualified opinion
In our opinion and to the best of our information and according
to the explanations given to us and based on the consideration
of reports of other auditors on separate financial statements
and on the other financial information of the subsidiaries and
jointly controlled entities, except for the possible effects of the
matters described in the Basis for Qualified Opinion paragraph
above, the aforesaid consolidated financial statements give
the information required by the Act in the manner so required
and give a true and fair view in conformity with the accounting
principles generally accepted in India, of consolidated state of
affairs of the Group and its jointly controlled entities as at March
31, 2017, of their consolidated profit and their consolidated cash
flows for the year ended on that date.
Emphasis of Matter
a) Attention is drawn to note no. 26(B) of the consolidated
financial statements regarding discontinuation of execution
of an EPC contract by the Group pursuant to the termination
of a concession agreement with a customer and the
uncertainty on recoverability of net assets aggregating `
2,088.24 lacs as at March 31, 2017.
b) Attention is drawn to note no. 26(D) of the consolidated
financial statements regarding the uncertainty on
recoverability of Group’s unbilled revenue, trade and other
receivables of ` 687.13 lacs as on March 31, 2017, in respect
of a joint venture operation, wherein the underlying project
is completed and as represented to us, the management
of the joint venture operation has initiated the arbitration
proceedings for recovery of dues.
c) Attention is drawn to note no. 26(E) of the consolidated
financial statements regarding the uncertainty on
recoverability of Group’s unbilled revenue and trade
receivables aggregating ` 1,117.71 lacs as on March 31,
2017 in respect of a joint venture operation, wherein the
underlying project is completed and as represented to us,
the management of the joint venture operation has filed a
claim to the customer for recovery of its dues.
Report on Other Legal and Regulatory Requirements
1. As required by Section 143(3) of the Act, based on our audit
and on the consideration of report of the other auditors
on separate financial statements and the other financial
information of subsidiaries and jointly controlled entities
as noted in the ‘Other Matter’ paragraph, to the extent
applicable, we report that:
(a) We / the other auditors whose reports we have relied
upon, have sought and except for the matter described
in Basis for Qualified Opinion paragraph, obtained all the
information and explanations which to the best of our
knowledge and belief were necessary for the purpose
of our audit of the aforesaid consolidated financial
statements;
(b) Except for the possible effects of the matter described in
the Basis for Qualified Opinion paragraph, in our opinion
proper books of account as required by law relating
to preparation of the aforesaid consolidated financial
statements have been kept by the Company so far as
appears from our examination of those books and the
reports of the other auditors;
(c) The reports on the accounts of the branch office of the
Holding Company, audited under Section 143 (8) of the
Act by branch auditors have been sent to us and have
been properly dealt with in preparing this report.
(d) The consolidated Balance Sheet, consolidated
Statement of Profit and Loss, and consolidated
Cash Flow Statement dealt with by this Report are in
agreement with the books of account maintained for
the purpose of preparation of the consolidated financial
statements;
(e) Except for the possible effects of the matter described in
the Basis for Qualified Opinion paragraph above, in our
opinion, the aforesaid consolidated financial statements
comply with the Accounting Standards specified under
Section 133 of the Act, read with Rule 7 of the Companies
(Accounts) Rules, 2014 and Companies (Accounting
Standards) Amendment Rules, 2016;
(f) The matter described in the Basis for Qualified Opinion
paragraph and Emphasis of Matter paragraphs above,
in our opinion, may have an adverse effect on the
functioning of the Group;
(g) On the basis of the written representations received
from the directors of the Holding Company as on March
31, 2017, taken on record by the Board of Directors of
the Holding Company and the reports of the statutory
auditors who are appointed under Section 139 of the Act,
of its subsidiary companies incorporated in India, none
of the directors of the Group’s companies incorporated
in India are disqualified as on March 31, 2017 from being
appointed as a director in terms of Section 164 (2) of the
Act.
(h) The qualification relating to the maintenance of
accounts and other matters connected therewith are
37th Annual Report 2016-17 113
as stated in the Basis for Qualified Opinion paragraph
above;
(i) With respect to the adequacy and the operating
effectiveness of the internal financial controls over
financial reporting of the Holding Company and its
subsidiary companies incorporated in India, refer to our
separate report in “Annexure 1” to this report;
(j) With respect to the other matters to be included in
the Auditor’s Report in accordance with Rule 11 of
the Companies (Audit and Auditors) Rules, 2014, in
our opinion and to the best of our information and
according to the explanations given to us and based on
the consideration of the report of the other auditors on
separate financial statements as also the other financial
information of the subsidiaries and jointly controlled
entities as noted in the ‘Other Matter’ paragraph:
i. The consolidated financial statements disclose the
impact of pending litigations on its consolidated
financial position of the Group and its jointly
controlled entities – Refer Note 26(A) and 26(C) to
the consolidated financial statements;
ii. Provision has been made in the consolidated
financial statements, as required under the
applicable law or accounting standards, for material
foreseeable losses, if any, on long-term contracts
including derivative contracts;
iii. There were no amounts which were required to be
transferred to the Investor Education and Protection
Fund by the Holding Company and its subsidiaries
incorporated in India during the year ended March
31, 2017.
iv. The Holding Company and its subsidiaries
incorporated in India have provided requisite
disclosures in Note 35 to these consolidated
financial statements as to the holding of Specified
Bank Notes on November 8, 2016 and December
30, 2016 as well as dealings in Specified Bank
Notes during the period from November 8, 2016
to December 30, 2016. However, we are unable to
obtain sufficient and appropriate audit evidence to
report on whether the disclosures are in accordance
with books of account maintained by the Company
and as produced to us by the management.
Other Matter
We did not audit the financial statements and other financial
information, in respect of four (4) subsidiaries and thirty (30)
jointly controlled entities, whose financial statements include
total assets of ` 10,211.92 lacs and net assets of ` 2,622.38 lacs
as at March 31, 2017, total revenues of ` 13,694.63 lacs and net
cash inflows of ` 108.93 lacs for the year ended on that date.
These financial statement and other financial information have
been audited by other auditors, which financial statements, other
financial information and auditor’s reports have been furnished
to us by the management. Our opinion on the consolidated
financial statements, in so far as it relates to the amounts and
disclosures included in respect of these subsidiaries and jointly
controlled entities, and our report in terms of sub-sections (3)
of Section 143 of the Act, in so far as it relates to the aforesaid
subsidiaries and jointly controlled entities, is based solely on the
reports of such other auditors.
Certain of these subsidiaries and joint controlled entities are
located outside India whose financial statements and other
financial information have been prepared in accordance with
accounting principles generally accepted in their respective
countries and which have been audited by other auditors
under generally accepted auditing standards applicable in
their respective countries. The Company’s management has
converted the financial statements of such subsidiaries and
joint controlled entities located outside India from accounting
principles generally accepted in their respective countries to
accounting principles generally accepted in India. We have
audited these conversion adjustments made by the Company’s
management. Our opinion in so far as it relates to the balances
and affairs of such subsidiaries/associates/ joint controlled
entities located outside India is based on the report of other
auditors and the conversion adjustments prepared by the
management of the Company and audited by us.
Our above opinion on the consolidated financial statements,
and our report on Other Legal and Regulatory Requirements
above, is not modified in respect of the above matters with
respect to our reliance on the work done and the reports of the
other auditors and the financial statements and other financial
information certified by the Management.
For S.R. Batliboi & CO. LLP
Chartered Accountants
ICAI Firm Registration Number: 301003E/E300005
per Bhaswar Sarkar
Place of Signature: Kolkata Partner
Date: May 23, 2017 Membership Number: 055596
114 GPT Infraprojects Limited
ANNEXURE TO THE INDEPENDENT AUDITOR’S REPORT OF EVEN DATE ON THE CONSOLIDATED FINANCIAL STATEMENTS OF
GPT INFRAPROJECTS LIMITED
Report on the Internal Financial Controls under Clause (i) of
Sub-section 3 of Section 143 of the Companies Act, 2013 (“the
Act”)
In conjunction with our audit of the consolidated financial
statements of GPT Infraprojects Limited as of and for the year
ended March 31, 2017, we have audited the internal financial
controls over financial reporting of GPT Infraprojects Limited
(hereinafter referred to as the “Holding Company”) and its
subsidiary companies which are incorporated in India, as of that
date.
Management’s Responsibility for Internal Financial Controls
The respective Board of Directors of the Holding company and
its subsidiary companies which are incorporated in India, are
responsible for establishing and maintaining internal financial
controls based on, “the internal financial control over financial
reporting criteria established by the Company considering the
essential components of internal control stated in the Guidance
Note on Audit of Internal Financial Controls Over Financial
Reporting issued by the Institute of Chartered Accountants
of India (ICAI)”. These responsibilities include the design,
implementation and maintenance of adequate internal financial
controls that were operating effectively for ensuring the orderly
and efficient conduct of its business, including adherence to
the respective company’s policies, the safeguarding of its assets,
the prevention and detection of frauds and errors, the accuracy
and completeness of the accounting records, and the timely
preparation of reliable financial information, as required under
the Act.
Auditor’s Responsibility
Our responsibility is to express an opinion on the company’s
internal financial controls over financial reporting based on
our audit. We conducted our audit in accordance with the
Guidance Note on Audit of Internal Financial Controls Over
Financial Reporting (the “Guidance Note”) and the Standards on
Auditing, specified under Section 143(10) of the Companies Act,
2013, to the extent applicable to an audit of internal financial
controls, both issued by the Institute of Chartered Accountants
of India. Those Standards and the Guidance Note require that
we comply with ethical requirements and plan and perform
the audit to obtain reasonable assurance about whether
adequate internal financial controls over financial reporting
was established and maintained and if such controls operated
effectively in all material respects.
Our audit involves performing procedures to obtain audit
evidence about the adequacy of the internal financial controls
system over financial reporting and their operating effectiveness.
Our audit of internal financial controls over financial reporting
included obtaining an understanding of internal financial
controls over financial reporting, assessing the risk that a
material weakness exists, and testing and evaluating the design
and operating effectiveness of internal control based on the
assessed risk. The procedures selected depend on the auditor’s
judgement, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud
or error.
We believe that the audit evidence we have obtained and
the audit evidence obtained by the other auditors in terms of
their reports referred to in the Other Matters paragraph below,
is sufficient and appropriate to provide a basis for our audit
opinion on the Holding Company’s internal financial controls
system over financial reporting.
Meaning of Internal Financial Controls Over Financial
Reporting
A company’s internal financial control over financial reporting is
a process designed to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance
with generally accepted accounting principles. A company’s
internal financial control over financial reporting includes those
policies and procedures that (1) pertain to the maintenance of
records that, in reasonable detail, accurately and fairly reflect
the transactions and dispositions of the assets of the company;
(2) provide reasonable assurance that transactions are recorded
as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and
that receipts and expenditures of the company are being made
only in accordance with authorisations of management and
directors of the company; and (3) provide reasonable assurance
regarding prevention or timely detection of unauthorised
acquisition, use, or disposition of the company’s assets that
could have a material effect on the financial statements.
Annexure
37th Annual Report 2016-17 115
Inherent Limitations of Internal Financial Controls Over
Financial Reporting
Because of the inherent limitations of internal financial controls
over financial reporting, including the possibility of collusion
or improper management override of controls, material
misstatements due to error or fraud may occur and not be
detected. Also, projections of any evaluation of the internal
financial controls over financial reporting to future periods are
subject to the risk that the internal financial control over financial
reporting may become inadequate because of changes in
conditions, or that the degree of compliance with the policies
or procedures may deteriorate.
Qualified Opinion
According to the information and explanations given to us
and based on the report issued by other auditors on internal
financial controls system over financial reporting in case of
its subsidiary companies which are incorporated in India, the
following material weaknesses have been identified as at March
31, 2017:
a) The Holding Company’s internal financial controls for
evaluation of recoverability of unbilled revenue, accrued
price escalations and trade receivables on significantly
completed construction contracts were not operating
effectively as on March 31, 2017, which could potentially
result in the Company not recognising appropriate provision
in the consolidated financial statements in respect of
receivables that are doubtful of recovery.
b) The Holding Company’s internal financial controls
for classification of unbilled revenue, accrued price
escalations and trade receivables on significantly completed
construction contracts as current were not operating
effectively as on March 31, 2017, which could potentially
result in the Company not appropriately classifying the
above receivables as non-current.
A ‘material weakness’ is a deficiency, or a combination of
deficiencies, in internal financial control over financial reporting,
such that there is a reasonable possibility that a material
misstatement of the holding company’s annual or interim
consolidated financial statements will not be prevented or
detected on a timely basis.
In our opinion, the Holding Company and its subsidiary
companies which are incorporated in India, have, maintained
in all material respects, an adequate internal financial controls
system over financial reporting and except for the possible
effects of the material weaknesses described above on the
achievement of the objectives of the control criteria, such
internal financial controls over financial reporting were
operating effectively as at March 31, 2017, based on “the
internal control over financial reporting criteria established by
the Holding Company considering the essential components
of internal control stated in the Guidance Note on Audit of
Internal Financial Controls Over Financial Reporting issued by
the Institute of Chartered Accountants of India”.
Other Matters
Our report under Section 143(3)(i) of the Act on the adequacy
and operating effectiveness of the internal financial controls
over financial reporting insofar as it relates to these two (2)
subsidiary companies, which are companies incorporated in
India, is based on the corresponding reports of the auditors of
such companies incorporated in India.
We also have audited, in accordance with the Standards on
Auditing issued by the Institute of Chartered Accountants
of India as specified under Section 143(10) of the Act, the
consolidated financial statements of the Holding Company,
which comprise the Consolidated Balance Sheet as at March
31, 2017, and the Consolidated Statement of Profit and Loss and
Consolidated Cash Flow Statement for the year then ended,
and a summary of significant accounting policies and other
explanatory information, and our report dated May 23, 2017
expressed a qualified opinion thereon.
For S.R. Batliboi & CO. LLP
Chartered Accountants
ICAI Firm Registration Number: 301003E/E300005
per Bhaswar Sarkar
Place of Signature: Kolkata Partner
Date: May 23, 2017 Membership Number: 055596
116 GPT Infraprojects Limited
The accompanying notes are an integral part of the financial statements.
As per our attached report of even date For and on behalf of the Board of Directors
For S. R. Batliboi & Co. LLP D. P. Tantia S. G. TantiaChartered Accountants Chairman Managing DirectorICAI Firm registration number: 301003E/E300005
per Bhaswar Sarkar Atul Tantia V. N. PurohitPartner Executive Director DirectorMembership no.: 055596
Place: Kolkata A. K. DokaniaDate: 23rd May 2017 Chief Financial Officer
Particulars Note No.
As at March 31, 2017 As at March 31, 2016
(` in lacs) (` in lacs)
EQUITY AND LIABILITIES
Shareholders’ funds
Share capital 3 1,454.30 1,434.30
Reserves and surplus 4 17,146.37 18,600.67 15,216.06 16,650.36
Minority Interest 484.71 421.49
Non-current liabilities
Long-term borrowings 5 1,320.36 399.57
Deferred tax liabilties (net) 6 792.47 760.51
Trade payables 9 847.81 741.23
Other non-current liabilities 10 1,387.75 1,347.22
Long-term provisions 7 217.80 4,566.19 177.51 3,426.04
Current liabilities
Short-term borrowings 8 21,876.14 22,058.82
Trade payables 9 12,295.83 12,209.15
Other current liabilities 10 5,762.08 7,080.36
Short-term provisions 7 153.31 40,087.36 120.77 41,469.10
TOTAL 63,738.93 61,966.99
ASSETS
Non-current assets
Fixed assets
- Tangible assets 11 14,043.04 11,152.50
- Intangible assets 11 32.83 2.31
- Capital work-in-progress 339.70 286.53
- Goodwill on Consolidation 498.71 335.81
Long-term loans and advances 12 4,396.10 4,282.82
Trade receivables 14 1,177.30 644.66
Other non-current assets 13 3,071.97 23,559.65 2,617.62 19,322.25
Current assets
Inventories 15 6,944.28 7,268.74
Trade receivables 14 8,873.52 8,271.29
Cash and bank balances 16 2,265.17 3,079.50
Short-term loans and advances 12 4,732.57 3,337.09
Other current assets 13 17,363.74 40,179.28 20,688.12 42,644.74
TOTAL 63,738.93 61,966.99
Summary of significant accounting policies 2
Consolidated Balance Sheet as at March 31, 2017
37th Annual Report 2016-17 117
Consolidated Statement of Profit and Loss for the year ended March 31, 2017
The accompanying notes are an integral part of the financial statements.
As per our attached report of even date For and on behalf of the Board of Directors
For S. R. Batliboi & Co. LLP D. P. Tantia S. G. Tantia
Chartered Accountants Chairman Managing Director
ICAI Firm registration number: 301003E/E300005
per Bhaswar Sarkar Atul Tantia V. N. Purohit
Partner Executive Director Director
Membership no.: 055596
Place: Kolkata A. K. Dokania
Date: 23rd May 2017 Chief Financial Officer
Particulars Note No.
2016-17 2015-16
(` in lacs) (` in lacs)
INCOME
Revenue from operations (gross) 17 51,473.08 50,646.25
Less: Excise duty 208.69 369.55
Revenue from operations (net) 51,264.39 50,276.70
Other income 18.1 423.81 632.29
Total revenue (I) 51,688.20 50,908.99
EXPENSES
Cost of materials consumed
- Raw materials 19 3,221.89 5,658.26
- Material for construction / other contracts 20 14,107.69 12,982.78
Purchase of stock-in-trade 21 1,239.22 322.88
Change in inventories of finished goods, stock-in-trade and work-in-progress 22 560.88 (243.38)
Employee benefits expense 23 3,601.72 3,347.17
Other expenses 24 21,726.39 21,406.39
Total expenses (II) 44,457.79 43,474.10
Earning before finance costs, tax expenses, depreciation & amortization expenses (EBITDA) (I) – (II)
7,230.41 7,434.89
Depreciation & amortization expenses 11 1,803.39 1,905.64
Interest Income 18.2 (431.63) (330.46)
Finance costs 25 3,775.55 3,860.89
Profit before taxes (III) 2,083.10 1,998.82
Tax expenses / (credits)
- Current tax [includes proportionate share in Joint Venture ` 165.49 lacs (31st March 2016 : ` 119.11 lacs)] [Net of MAT credit of ` 58.28 lacs (31st March, 2016: ` 1.09 lacs)]
326.04 533.08
- Excess tax provision for earlier year written back [includes adjustment of proportionate share in Joint Venture for income tax expense of earlier years ` 29.24 lacs (31st March 2016 : ` 24.79 lacs)]
(17.25) (12.40)
- Deferred tax expense / (Credit) [includes proportionate share of Joint Venture ` 15.78 lacs (31st March 2016 : credit of ` (-) 10.08 lacs)]
178.87 195.93
Total tax expenses (IV) 487.66 716.61
Profit for the year before minority interest [(III) – (IV)] 1,595.44 1,282.21
Profit attributable to
Owners of the Company 1,557.22 1,229.31
Minority Interest 38.22 52.90
Profit for the year 1,595.44 1,282.21
Earnings per equity share (nominal value of share ` 10/- each)
Basic and Diluted (`) 29 10.76 8.94
Summary of significant accounting policies 2
118 GPT Infraprojects Limited
Consolidated Cash Flow Statement for the year ended March 31, 2017
Particulars 2016-17 2015-16
(` in lacs) (` in lacs)
A. CASH FLOW FROM OPERATING ACTIVITIES
Net Profit before tax 2,083.10 1,998.82
Adjustment for :
Depreciation & amortization expenses 1,803.39 1,905.64
(Profit) / loss on sale / discard of fixed assets (net) 14.53 (89.71)
Interest income on deposits from Banks / loans, advances etc. (gross) (431.63) (330.46)
Bad debts / sundry advances written off in current year 9.76 778.82
Premium on redemption of investment in preference shares - (13.04)
Unspent liabilities / Provisions no longer required written back (174.42) (97.39)
Loss / (Gain) on Exchange Fluctuation (Net) - Unrealised (119.68) 198.25
Interest Expenses 3,317.59 3,524.81
Operating Profit before working capital changes 6,502.64 7,875.74
(Increase) / Decrease in Loans & Advances (1,581.74) (1,243.40)
(Increase) / Decrease in Other Assets 3,094.45 (944.26)
(Increase) / Decrease in Trade Receivables (1,302.94) (1,096.97)
(Increase) / Decrease in Inventories 324.46 (264.39)
Increase / (Decrease) in Trade Payables / Other Liabilities 298.41 2,457.39
Increase / (Decrease) in Provisions 72.83 46.65
Cash Generated from operations 7,408.11 6,830.76
Taxes paid (net of tax refund) (249.10) (879.09)
Net Cash (used in) / from Operating Activities 7,159.01 5,951.67
B. CASH FLOW FROM INVESTING ACTIVITIES
Refund of loan given to GPT Employees Welfare Trust (Interest free) 184.70 2.00
Loans given to bodies corporate (50.60) (1,089.07)
Refund of loans from Bodies Corporate 16.87 2,222.18
Purchase of fixed assets (including capital work in progress) (5,031.11) (1,480.17)
Proceeds from sale of fixed assets 133.08 510.91
Redemption of Investments in preference shares - 78.16
Interest received 421.38 700.60
Investment in margin money deposits (6,708.61) (2,938.10)
Proceeds from maturity of margin money / deposits 7,351.31 1,519.56
Net Cash (used in) / from Investing Activities (3,682.98) (473.93)
37th Annual Report 2016-17 119
Consolidated Cash Flow Statement for the year ended March 31, 2017
Particulars 2016-17 2015-16
(` in lacs) (` in lacs)
C. CASH FLOW FROM FINANCING ACTIVITIES
Long Term Borrowings received 3,050.26 138.36
Long Term Borrowings repaid (3,241.80) (2,121.74)
Proceeds / (repayment) of Cash Credit (Net) 240.14 (4,243.05)
Proceeds from short term borrowings 20,274.25 12,662.93
Repayment of short term borrowings (20,697.07) (7,703.19)
Dividend paid (145.09) (290.77)
Dividend paid by a subsidiary - (7.66)
Interest Paid (3,279.14) (3,570.42)
Net Cash (used in) / from Financing Activities (3,798.45) (5,135.54)
Net Increase/(Decrease) in Cash and Cash Equivalents (A+B+C) (322.42) 342.20
Effect of Foreign Currency Translation 364.97 (524.83)
Cash and Cash Equivalents - Opening Balance 267.52 450.15
Cash and Cash Equivalents - Closing Balance 310.07 267.52
Notes:
Cash & Cash Equivalents :
Cash on hand 30.20 50.20
Cheque on hand 11.02 -
Balance with Banks:
On Current Account 268.76 217.21
On Unpaid dividend account* 0.08 0.11
Cash and Cash Equivalents as at the close of the year (refer note no 16) 310.06 267.52
* The Company can utilise these balances only towards settlement of the respective unpaid dividend.
(` in lacs)
As per our attached report of even date For and on behalf of the Board of Directors
For S. R. Batliboi & Co. LLP D. P. Tantia S. G. TantiaChartered Accountants Chairman Managing DirectorICAI Firm registration number: 301003E/E300005
per Bhaswar Sarkar Atul Tantia V. N. PurohitPartner Executive Director DirectorMembership no.: 055596
Place: Kolkata A. K. DokaniaDate: 23rd May 2017 Chief Financial Officer
120 GPT Infraprojects Limited
Notes to the Consolidated Financial Statements as at and for the year ended March 31, 2017
1. GROUP INFORMATION
GPT Infraprojects Limited (the Company) is a listed public Company domiciled in India and incorporated under the provisions
of the Companies Act, 1956.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
a) Principles of Consolidation
The consolidated financial statements which relate to GPT Infraprojects Limited, (the Company) and its subsidiaries and
Joint Ventures (the ‘Group’) have been prepared in accordance with the applicable Accounting Standards notified under
Section 133 of the Companies Act, 2013, read together with paragraph 7 of the Companies (Accounts) Rules, 2014 and
Companies (Accounting Standards) Amendment Rules, 2016:
i. In terms of Accounting Standard 21 – ‘Consolidated Financial Statements’, the financial statements of the Company and
its Subsidiaries are combined on a line-by-line basis by adding together the book values of like items of assets, liabilities,
income and expenditure, after fully eliminating intra-group balances, intra-group transactions and any unrealized profit/
loss included therein.
ii. The difference of the cost to the Company of its investment in subsidiaries over its proportionate share in the equity
of the respective investee companies as at the date of acquisition of stake is recognized in the financial statements as
Goodwill or Capital Reserve, as the case may be.
iii. The subsidiary companies considered in the financial statements are as follows:
Name of the Subsidiary Country of Incorporation
Proportion ofOwnership Interest
March 31 2017 March 31 2016
GPT Investments Private Limited, Mauritius Mauritius 100.00% 100.00%
GPT Concrete Products South Africa (Pty) Limited South Africa 69.00% 69.00%
Jogbani Highway Private Limited India 73.33% 73.33%
Superfine Vanijya Private Limited India 100.00% 100.00%
iv. Minorities’ interest in net profit / loss of consolidated subsidiaries for the year is identified and adjusted against the
income in order to arrive at the net income attributable to the shareholder’s of the Company. Their share of net assets
has been identified and presented in the Consolidated Balance Sheet separately.
v. In terms of Accounting Standard (AS) 27 ‘Financial Reporting of Interests in Joint Venture’ notified under Section 133 of
the Companies Act, 2013, read together with paragraph 7 of the Companies (Accounts) Rules, 2014 and Companies
(Accounting Standards) Amendment Rules, 2016, the Company’s proportionate interests in the Joint Ventures are
consolidated as separate line items in the financial statements along with the book values of assets, liabilities, income
and expenses, after eliminating intra-group balances / transactions and unrealized profit and losses resulting from the
transactions between the Company and the joint ventures.
vi. Particulars of interest in joint ventures (Jointly controlled entities):
Name of the Joint VentureProportion of Interest Country of
2016-17 2015-16 Incorporation Residence
GPT– GVV(JV) 60.00% 60.00% India India
GPT- MADHAVA (JV) 49.00% 49.00% India India
GPT – PREMCO - RDS (JV) 45.00% 45.00% India India
GPT – GEO (JV) 60.00% 60.00% India India
GPT – GEO - UTS (JV) 60.00% 60.00% India India
GPT – SLDN - UTS (JV) 60.00% 60.00% India India
37th Annual Report 2016-17 121
Notes to the Consolidated Financial Statements as at and for the year ended March 31, 2017
Name of the Joint VentureProportion of Interest Country of
2016-17 2015-16 Incorporation Residence
GPT – RDS (JV) 50.00% 50.00% India India
GPT – SLDN - COPCO (JV) 60.00% 60.00% India India
GPT – CVCC – SLDN (JV) 37.50% 37.50% India India
GPT – TRIBENI (JV) 60.00% 60.00% India India
GPT – RANHILL (JV) 99.99% 99.99% India India
GPT – SMC (JV) 51.00% 51.00% India India
GPT – BALAJI – RAWATS (JV) 51.00% 51.00% India India
GPT – BHARTIA (JV) 61.75% 61.75% India India
BHARAT – GPT (JV) 50.00% 50.00% India India
BHARATIA – GPT - ALLIED (JV) 65.00% 65.00% India India
JMC – GPT (JV) 99.99% 99.99% India India
PREMCO – GPT (JV) 40.00% 40.00% India India
PIONEER – GPT (JV) 80.00% 80.00% India India
RAHEE – GPT (IB) (JV) 30.00% 30.00% India India
RAHEE – GPT (NFR) (JV) 51.00% 51.00% India India
GPT – RAHEE (JV)
GPT – Rahee (JV) - Fabrication and Jodhpur 50.00% 50.00%India India
GPT – Rahee (JV) - Erection 65.00% 65.00%
RAHEE – GPT (JV)
Rahee – GPT (JV) – Mahanadi 50.00% 50.00%
India IndiaRahee – GPT (JV) – Patna 51.00% 51.00%
Rahee – GPT (JV) - Brajrajnagar 30.00% 30.00%
GPT Infrastructure Pvt Ltd & Universal Construction
Co. (JV)
60.00% 60.00% India India
Geo Foundation & Structure Pvt. Ltd. & GPT
Infraprojects Ltd. (JV)
49.00% 49.00% India India
GPT – Transnamib Concrete Sleepers (Pty) Ltd. 37.00% 37.00% Namibia Namibia
Hari – GPT (JV) 51.00% 51.00% India India
GPT – SKY (JV) 61.00% 61.00% India India
G R (JV) 51.00% 51.00% India India
ILFS – GPT (JV) 10.00% 10.00% India India
GPT – Balaji (JV) 51.00% - India India
vii. The consolidated financial statements have been prepared using uniform accounting policies for like transactions and
events in similar circumstances and necessary adjustments required for deviation in accounting policies, if any and to
the extent possible, are made in the consolidated financial statements and are presented in the same manner to the
extent possible as the Company’s separate financial statements.
b) Basis of preparation of Accounts
The financial statements have been prepared to comply in all material respects with the accounting standards notified
under section 133 of the Companies Act, 2013, read together with paragraph 7 of the Companies (Accounts) Rules, 2014,
and Companies (Accounting Standards) Amendment Rules 2016 and the relevant provisions of the Companies Act, 2013.
The financial statements have been prepared on an accrual basis and under the historical cost convention. The accounting
policies adopted in the preparation of financial statements are consistent with those of previous year, except for the change
122 GPT Infraprojects Limited
in accounting policy explained below.
c) Change in accounting policy
Accounting for Proposed Dividend
As per the requirements of pre-revised AS 4, the Company used to create a liability for dividend proposed / declared after
the balance sheet date if dividend related to periods covered by the financial statements. Going forward, as per AS 4 (R), the
Company cannot create provision for dividend proposed / declared after the balance sheet date unless a statute requires
otherwise. Rather, company will need to disclose the same in the financial statements.
Accordingly, the company has disclosed dividend proposed by board of directors after the balance sheet date.
Had the company continued with creation of provision for proposed dividend, its surplus in the statement of profit and
loss would have been lower by ` 262.56 lacs and short term provision would have been higher by ` 262.56 lacs (including
dividend distribution tax of ` 44.41 lacs).
d) Use of estimates
The preparation of financial statements in conformity with Indian GAAP requires the management to make judgments,
estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and the disclosure
of contingent liabilities, at the end of reporting period. Although these estimates are based on the management’s best
knowledge of current events and actions, uncertainty about these assumptions and estimates could result in the outcomes
requiring a material adjustment to the carrying amounts of assets and liabilities in future periods.
e) Property, plant and equipments
Property, plant and equipments, capital work in progress are stated at cost, net of accumulated depreciation and accumulated
impairment losses, if any. The cost comprises purchase price inclusive of duties (net of CENVAT / VAT), taxes, incidental
expenses, erection / commissioning expenses, borrowing cost if capitalization criteria are met, directly attributable cost of
bringing the asset to its working condition for the intended use and initial estimate of decommissioning, restoration and
similar liabilities. Any trade discounts and rebates are deducted in arriving at the purchase price. Such cost includes the cost
of replacing part of the plant and equipment. Likewise, when a major inspection is performed, its cost is recognised in the
carrying amount of the plant and equipment as a replacement if the recognition criteria are satisfied. All other repair and
maintenance costs are recognised in profit or loss as incurred.
Items of stores and spares that meet the definition of property, plant and equipment are capitalized at cost and depreciated
over their useful life. Otherwise, such items are classified as inventories.
The company adjusts exchange differences arising on translation / settlement of long-term foreign currency monetary
items pertaining to the acquisition of a depreciable asset to the cost of the asset and depreciates the same over the
remaining life of the asset. In accordance with MCA circular dated 09 August 2012, exchange differences adjusted to the
cost of fixed assets are total differences, arising on long-term foreign currency monetary items pertaining to the acquisition
of a depreciable asset, for the period.
Gains or losses arising from derecognition of property, plant and equipment are measured as the difference between the
net disposal proceeds and the carrying amount of the asset and are recognized in the statement of profit and loss when the
asset is derecognized.
The Company identifies and determines cost of each component/ part of the asset separately, if the component/ part has a
cost which is significant to the total cost of the asset and has useful life that is materially different from that of the remaining
asset.
Property, plant and equipment held for sale is valued at lower of their carrying amount and net realizable value. Any write
down is recognized in the statement of profit and loss.
f) Intangible Assets
Intangible assets acquired separately are measured on initial recognition at cost. The cost of acquisition comprises purchase
Notes to the Consolidated Financial Statements as at and for the year ended March 31, 2017
37th Annual Report 2016-17 123
price inclusive of duties (net of CENVAT / VAT), taxes, etc. Following initial recognition, intangible assets are carried at cost
less accumulated amortization and accumulated impairment losses, if any. Internally generated intangible assets, excluding
capitalized development costs, are not capitalized and expenditure is reflected in the statement of profit and loss in the year
in which the expenditure is incurred.
Gain or losses arising from derecognition of intangible fixed assets are measured as the difference between the net disposal
proceeds and the carrying amount of the assets and are recognized in the statement of profit and loss when the assets are
derecognized.
g) Depreciation on property, plant and equipment
Depreciation on property, plant and equipment calculated on a straight-line basis using the rates arrived at based on the
useful lives estimated by the management which is in line with the useful lives as specified in Schedule II to the Companies
Act, 2013, except for Steel Shutterings and certain buildings which are depreciated over a period of five and three years
respectively from the year of addition based on related contracts with customers and management’s technical evaluation.
Depreciation on Fixed Assets of certain Joint Ventures are provided using written down value method as per the depreciation
rates estimated by the management as given below:
Sl. No. Type of Assets Rates (WDV) % Useful life of Assets as per Schedule II
1. Building 10 .00% 30 years
2 Plant and Equipments 15.00% 15 years
3. Furniture and Fixture 10.00% 10 years
4. Computer and Office Equipments 60.00% & 15.00% 3 – 6 years
5. Vehicles and Trollies 15.00% & 20.00% 8 - 10 years
Depreciation in respect of foreign subsidiaries and a joint venture is provided on straight line method as per the useful lives
of the assets estimated by the management which are as follows:
Sl. No. Type of Assets Rates as per useful
lives estimated by the
management %
Useful life of Assets as
per Schedule II
1. Building 12.50% & 20.00% 30 – 60 years
2 Plant and Equipments 12.50% & 20.00% 15 years
3. Furniture and Fixture 12.50% & 20.00% 10 years
4. Computer and Office Equipments 12.50% & 20.00% 3 – 6 years
5. Vehicles and Trollies 20.00% 8 – 10 years
The identified components are depreciated separately over their useful lives; the remaining components are depreciated
over the life of the principal asset.
Depreciation on fixed assets added / disposed off during the year, is provided on pro-rata basis with reference to the date
of addition / disposal.
The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each
financial year end and adjusted prospectively, if appropriate.
Intangible Fixed Assets
Intangible assets are amortized on a straight line basis over the estimated useful economic life. Computer software is
considered to have a useful economic life of three years.
h) Impairment of tangible and intangible fixed assets
The carrying amounts of assets are reviewed at each balance sheet date to determine if there is any indication of impairment
based on internal/external factors. An impairment loss is recognized wherever the carrying amount of an asset exceeds its
Notes to the Consolidated Financial Statements as at and for the year ended March 31, 2017
124 GPT Infraprojects Limited
recoverable amount which is the greater of the asset’s net selling price and value in use. In assessing the value in use, the
estimated future cash flows are discounted to their present value using a pre- tax discount rate that reflects current market
assessments of the time value of money and risks specific to the assets.
i) Leases
Finance Leases, which effectively transfer to the Company, substantially, all the risks and benefits incidental to the ownership
of the leased items, are capitalized at the inception of lease terms at the lower of the fair value of leased property and
present value of the minimum lease payment.
Leases where the lessor effectively retains substantially all the risks and benefits of ownership of the leased assets, are
classified as operating leases. Operating lease payments are recognized as an expense in the Statement of Profit and Loss
on a straight-line basis over the lease term.
j) Borrowing costs
Borrowing cost includes interest, amortization of ancillary costs incurred in connection with the arrangement of borrowings.
Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a
substantial period of time to get ready for its intended use or sale are capitalized as part of the cost of the respective asset.
All other borrowing costs are expensed in the period they occur.
k) Inventories
i. Closing stock of stores and spares and raw materials (except for those relating to construction activities) are valued at
lower of cost computed on ‘Weighted Average’ basis and net realizable value. However, materials and other supplies
held for use in the production of inventories are not written down below cost if the finished products in which they will
be incorporated are expected to be sold at or above cost. Cost includes expenses incidental to procurement thereof.
ii. Finished goods are valued at the lower of cost (computed on weighted average basis) and net realizable value. Costs in
respect of finished goods include direct material, labour and an appropriate portion of overhead costs and excise duty.
iii. Construction work in progress is valued at cost.
iv. Stores, components, etc. and construction materials at sites to be used in contracts are valued at cost which is
ascertained on ‘Weighted Average’ basis.
v. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion
and estimated costs necessary to make the sale.
l) Revenue recognition
Construction contracts
Revenue on construction contracts is recognized on percentage completion method based on the stage of completion of
the contract. The stage of completion is determined as a proportion that contract costs incurred for work performed upto
the reporting date bears to the estimated total costs. When it is probable that the total contract cost will exceed the
total contract revenue, the expected loss is recognized immediately. For this purpose, total contract costs are ascertained
on the basis of actual costs incurred and costs to be incurred for completion of contracts in progress, which is arrived at by
the management based on current technical data, forecasts and estimate of expenditure to be incurred in future including
contingencies, which being technical matters have been relied upon by the auditors. Revisions in projected profit or loss
arising from change in estimates are reflected in accounting period in which, such revision can be anticipated.
Variations in contract work are recognized to the extent that it is probable that they will result in revenue and are capable of
reliably measured.
Revenue from the Company’s entitlement to price variances on input costs subject to compliance with certain terms and
conditions as per terms of the contracts are recognized when no significant uncertainties exists regarding their ultimate
collection.
Notes to the Consolidated Financial Statements as at and for the year ended March 31, 2017
37th Annual Report 2016-17 125
Overhead expenses representing indirect costs that cannot be directly aligned with the jobs, are distributed over the various
contracts on a pro-rata basis.
Sale of Goods
Revenue from sale of goods is recognized when all the significant risks and rewards of ownership of the goods have been
passed to the customers, which generally coincides with delivery. Sales are net of taxes, returns, claims, trade discounts etc.
Interest
Interest income is recognized on a time proportion basis taking into account the amount outstanding and the rate applicable.
m) Foreign currency translations
Initial Recognition
Foreign currency transactions are recorded in the reporting currency by applying to the foreign currency amount the
exchange rate between the reporting currency and the foreign currency at the date of the transaction.
Conversion
Foreign currency monetary items are reported using the closing rate. Non-monetary items which are carried in terms
of historical cost denominated in a foreign currency, are reported using the exchange rate at the date of the transaction
and non-monetary items which are carried at fair value or other similar valuation denominated in a foreign currency are
reported using the exchange rates that existed when the values were determined.
Exchange Differences
Exchange differences, in respect of accounting periods commencing from 1st April 2011, arising on reporting of long-term
foreign currency monetary items at rates different from those at which they were initially recorded during the period,
or reported in previous financial statements, in so far as they relate to the acquisition of a depreciable capital asset, are
added to or deducted from the cost of the asset and are depreciated over the balance life of the asset, and in other cases,
such exchange differences are accumulated in a “Foreign Currency Monetary Items Translation Difference Account” and
amortised over the balance period of such long-term asset / liability.
Exchange differences arising on the settlement or reporting of monetary items, not covered above, at rates different from
those at which they were initially recorded during the period, or reported in previous financial statements, are recognized
as income or expenses in the period in which they arise.
Derivatives Instruments
As per ICAI announcement, accounting for derivative contracts, other than those covered under AS-11, are marked to
market on a portfolio basis, and the net loss after considering the offsetting effect on the underlying hedge item is charged
to the statement of profit and loss. Net gains are ignored.
Translation of Integral and Non-integral foreign operations
The financial statements of an integral foreign operation are translated as if the transactions of the foreign operation have
been those of the Company itself.
In translating the financial statements of a non-integral foreign operation the assets and liabilities, both monetary and non-
monetary, are translated at the closing rate; while income and expense items are translated at exchange rates at the dates
of the transactions; All the resulting exchange differences are accumulated in a foreign currency translation reserve until the
disposal of the net investment.
On the disposal of a non-integral foreign operation, the cumulative amount of the exchange differences which have been
deferred and which relate to that operation are recognized as income or as expenses in the same period in which the gain
or loss on disposal is recognized.
When there is a change in the classification of a foreign operation, the translation procedures applicable to the revised
Notes to the Consolidated Financial Statements as at and for the year ended March 31, 2017
126 GPT Infraprojects Limited
classification are applied from the date of the change in the classification.
n) Retirement and other employee benefits
Retirement benefits in the form of Provident Fund is a defined contribution scheme. The Group recognizes contribution
payable to provident fund scheme as an expenditure on rendering of related service by employees. There are no obligations
other than the contribution payable to the fund. If the contribution payable to the scheme for service received before the
balance sheet date exceeds the contribution already paid, the deficit payable to the scheme is recognized as a liability after
deducting the contribution already paid. If the contribution already paid exceeds the contribution due for services received
before the balance sheet date, then excess is recognized as an asset.
Gratuity (funded) being defined benefit obligation and long term compensated absences (unfunded) are provided for based
on actuarial valuation made at the end of each financial year using the projected unit credit method.
Actuarial gains and losses are recognized immediately in the Statement of Profit and Loss as income or expenses.
o) Income Taxes
Tax expense comprises current and deferred income tax. Current income tax is measured at the amount expected to be
paid to the tax authorities in accordance with the Indian Income Tax Act, 1961. Deferred taxes reflect the impact of current
year timing differences between taxable income and accounting income for the year and reversal of timing differences of
earlier years.
Deferred tax is measured based on the tax rates and the tax laws enacted or substantively enacted at the balance sheet date.
Deferred tax assets are recognized only to the extent that there is reasonable certainty that sufficient future taxable income
will be available against which such deferred tax assets can be realized. In situations where the Company has unabsorbed
depreciation or carry forward tax losses, deferred tax assets are recognized only if there is virtual certainty supported by
convincing evidence that such deferred tax assets can be realized against future taxable profits.
The carrying amounts of deferred tax assets are reviewed at each Balance Sheet date. The Group writes down the carrying
amount of the deferred tax asset to the extent that it is no longer reasonably certain or virtually certain, as the case may be,
that sufficient future taxable income will be available against which deferred tax assets can be realized. Any such write down
is reversed to the extent it becomes reasonably certain or virtually certain, as the case may be, that sufficient future taxable
income will be available.
Minimum alternate tax (MAT) paid in a year is charged to the statement of profit and loss as current tax. The company
recognizes MAT credit available as an asset only to the extent that there is convincing evidence that the company will pay
normal income tax during the specified period, i.e., the period for which MAT credit is allowed to be carried forward. In
the year in which the company recognizes MAT credit as an asset in accordance with the Guidance Note on Accounting
for Credit Available in respect of Minimum Alternative Tax under the Income-tax Act, 1961, the said asset is created by way
of credit to the statement of profit and loss and shown as “MAT Credit Entitlement.” The company reviews the “MAT credit
entitlement” asset at each reporting date and writes down the asset to the extent the company does not have convincing
evidence that it will pay normal tax during the specified period.
p) Segment Reporting
Identification of Segments
The Group has identified that its business segments are the primary segments. The Group’s businesses are organized and
managed separately according to the nature of activity, with each segment representing a strategic business unit that offers
different products and serves different markets. The analysis of geographical segments is based on the areas in which major
operating divisions of the Group operate.
Notes to the Consolidated Financial Statements as at and for the year ended March 31, 2017
37th Annual Report 2016-17 127
Inter segment Transfers
The Group generally accounts for intersegment sales and transfers as if the sales or transfers were to third parties at current
market prices.
Allocation of common costs
Common allocable costs are allocated to each segment on case to case basis applying the ratio, appropriate to each
relevant case. Unallocated items include income and expenses relating to the enterprise as a whole and are not allocable
to segment on a reasonable basis.
Segment Policies
The accounting policies adopted for segment reporting are in line with those of the Group.
q) Earnings Per Share
Basic earnings per share is calculated by dividing the net profit or loss for the period attributable to equity shareholders
(after deducting preference dividends and attributable taxes) by the weighted average number of equity shares outstanding
during the period.
For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity
shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all
dilutive potential equity shares.
r) Provisions
A provision is recognized when an enterprise has a present obligation as a result of past event and it is probable that an
outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made.
Provisions made in terms of Accounting Standard 29 are not discounted to their present value and are determined based
on management estimates required to settle the obligation at the balance sheet date. These are reviewed at each balance
sheet date and appropriately adjusted to reflect the current management estimates.
s) Cash and Cash Equivalents
Cash and cash equivalents as indicated in the Cash Flow Statement comprises cash at bank and on hand and short-term
investments with an original maturity of three months or less.
t) Measurement of EBITDA
As permitted by the Guidance Note on the Revised Schedule VI to the Companies Act, 1956, the Group has elected to
present earnings before interest, tax expenses, depreciation and amortization expenses (EBITDA) as a separate line item on
the face of the statement of profit and loss. The Group measures EBITDA on the basis of profit from continuing operations.
In its measurement, the Group does not include depreciation and amortization expenses, interest income, finance costs
and tax expenses.
u) Contingent liabilities
A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence
or non-occurrence of one or more uncertain future events beyond the control of the Company or a present obligation
that is not recognized because it is not probable that an outflow of resources will be required to settle the obligation. A
contingent liability also arises in extremely rare cases where there is a liability that cannot be recognized because it cannot
be measured reliably. The Company does not recognize a contingent liability but discloses its existence in the consolidated
financial statements.
v) Corporate social responsibility (CSR) expenditure
The Group charges its CSR expenditure to the Statement of Profit and Loss.
Notes to the Consolidated Financial Statements as at and for the year ended March 31, 2017
128 GPT Infraprojects Limited
3. SHARE CAPITAL
Particulars As at
March 31, 2017
As at
March 31, 2016
(` in lacs) (` in lacs)
(a) Authorized shares
50,000,000 (31st March 2016 : 50,000,000) Equity shares of ` 10/- each 5,000.00 5,000.00
5,000.00 5,000.00
(b) Issued, subscribed and fully paid-up shares
14,543,000 (31st March 2016 : 14,543,000) Equity shares of ` 10/- each 1,454.30 1,454.30
Less: Amount recoverable from M/s GPT Employees Welfare Trust towards Nil
(31st March 2016 : 200,000) shares allotted to the trust (refer note no 28(b))
- 20.00
Total issued, subscribed and fully paid-up share capital 1,454.30 1,434.30
(d) Terms/ rights attached to equity shares
i. The company has only one class of equity shares having par value of ` 10/- each. Each holder of equity shares is entitled
to one vote per share. The company declares and pays dividends in Indian rupees. The dividend proposed by the Board of
Directors is subject to the approval of the shareholders in the general meeting.
ii. The Company has paid first interim dividend for the year amounting to ` 1.00 per equity share, The Company has further
declared second interim dividend on 29th April 2017 for the year amounting to ` 1.50 per equity share, which together with
the first interim dividend is considered as final dividend (31st March 2016 : ` 2.00 per equity share).
iii. In the event of winding-up of the Company, the equity shareholders shall be entitled to receive remaining assets of the
Company after distribution of all preferencial amount. The distribution will be in proportion to the number of equity shares
held by the shareholders.
(c) Reconciliation of the Shares outstanding at the beginning and at the end of the reporting period
i. Equity Shares:
Particulars 2016-17 2015-16
No. of Shares ` in lacs No. of Shares ` in lacs
At the beginning of the year 14,543,000 1,454.30 14,543,000 1,454.30
Issued during the year - - - -
Outstanding at the end of the Year 14,543,000 1,454.30 14,543,000 1,454.30
(e) Details of shareholders holding more than 5% in the Company
Equity Shares
Name of the shareholders As at March 31, 2017 As at March 31, 2016
Number of
shares held
% holding Number of
shares held
% holding
GPT Sons Private Limited 5,010,398 34.45% 4,610,398 31.70%
Nine Rivers Capital Limited 2,168,000 14.91% 2,168,000 14.91%
Shree Gopal Tantia & Vinita Tantia (Joint holder) 838,366 5.76% 838,366 5.76%
As per records of the company, including its register of shareholders / members, the above shareholding represents legal
ownership of shares.
Notes to the Consolidated Financial Statements as at and for the year ended March 31, 2017
37th Annual Report 2016-17 129
Notes to the Consolidated Financial Statements as at and for the year ended March 31, 2017
4. RESERVES AND SURPLUS
Particulars As at
March 31, 2017
As at
March 31, 2016
(` in lacs) (` in lacs)
A. Capital Reserve (as per last financial statements)
State Capital Subsidies 16.93 16.93
Share Forfeiture Account 0.11 0.11
Add: Arisen on Consolidation 109.86 109.86
126.90 126.90
B. Capital redemption reserve fund
Balance as per last financial statements - 83.85
Less. Transferred to Surplus in the statement of profit and loss - 83.85
- -
C. Securities Premium Account*
Balance as per last financial statements 6,453.20 6,451.20
Add: Amount received from M/s GPT Employees Welfare Trust [refer note no 28(b)] 164.70 2.00
6,617.90 6,453.20
D. General Reserve
Balance as per last financial statements 652.57 652.57
652.57 652.57
E. Foreign exchange translation reserve
Balance as per last financial statements (475.43) 12.64
Add: Arisen during the year 365.50 (488.07)
(109.93) (475.43)
F. Surplus in the statement of profit and loss
Balance as per last financial statements 8,458.82 7,473.00
Add: Profit for the year 1,557.22 1,229.31
Add: Excess provision for dividend distribution tax written back 17.93 -
Add: Transfer from Capital redemption reserve fund - 83.85
10,033.97 8,786.16
Less: Appropriations
- Interim dividend paid on equity shares [amount per share ` 1.00 (31st March 2016 : ` 2.00)]
[refer note no 2(c)]
145.43 290.86
- Tax on interim equity dividend 29.61 36.48
Total appropriations 175.04 327.34
9,858.93 8,458.82
Total Reserves and surplus (A+B+C+D+E+F) 17,146.37 15,216.06
* Net of ` Nil (` 164.70 lacs) recoverable on equity shares allotted to M/s GPT Employees Welfare Trust.
130 GPT Infraprojects Limited
6. DEFERRED TAX LIABILITIES (NET)
Particulars As at
March 31, 2017
As at
March 31, 2016
(` in lacs) (` in lacs)
Deferred tax liabilities
- Timing difference on depreciable assets 977.08 841.61
977.08 841.61
Less :
Deferred tax assets
- Expenses allowable against taxable income in future years 245.21 184.08
245.21 184.08
731.87 657.53
Add: Proportionate share in Joint Ventures 60.60 102.98
Net Deferred tax liabilities 792.47 760.51
5. LONG-TERM BORROWINGS
Particulars Note
No
As at March 31, 2017 As at March 31, 2016
Non - current Current
maturities
Non - current Current
maturities
(` in lacs) (` in lacs) (` in lacs) (` in lacs)
Secured
I) Term Loans
From Banks
- In Indian rupees 5.1 - - 307.79 727.32
- In Foreign currency 5.2 - - - 421.15
II) Deferred Payment Credits 5.3 262.45 171.92 91.78 135.77
Unsecured
In Indian Rupees
- From related party 5.4 1,057.91 - - -
1,320.36 171.92 399.57 1,284.24
Less: Amount disclosed under the head “other
current liabilities” (Refer note no 10) - 171.92 - 1,284.24
Net amount 1,320.36 - 399.57 -
Notes:
5.1 Term Loans in Indian Rupees from Bank was secured by equitable mortgage of commercial property owned by GPT Estate
Private Limited. The loan was repayable in 33 monthly equal installments of ` 60.61 lacs each starting after 3 months from the
date of disbursement in June 2014. The loan has been repaid during the year.
5.2 Term Loans in foreign currency was secured by first charge on fixed assets of GPT Concrete Products South Africa (Pty.) Ltd.
a subsidiary and personal Guarantees of four directors and corporate guarantee of the Company. The outstanding loan was
repayable in 35 equal monthly installment with the 36th payment being the balance, payable by December 2017. The loan
has been repaid during the year.
5.3 Deferred Payment Credits are secured by first charge of equipments purchased from proceeds of such loans and personal
guarantee of two Directors. The outstanding loan amount is repayable in monthly installments and the amount repayable within
one year being ` 171.92 lacs, between 1 - 2 years ` 178.77 lacs, 2 - 3 years ` 37.54 lacs, 3 - 4 years ` 24.11 lacs, 4 - 5 years ` 22.03
lacs . The loan carries interest @ 9.10% - 13.15% p.a.
5.4 Unsecured loan in Indian rupee from a related party carry interest @ 14.00% p.a. and is repayable after one year.
Notes to the Consolidated Financial Statements as at and for the year ended March 31, 2017
37th Annual Report 2016-17 131
Notes to the Consolidated Financial Statements as at and for the year ended March 31, 2017
8. SHORT-TERM BORROWINGS
ParticularsNote
No
As at
March 31, 2017
As at
March 31, 2016
(` in lacs) (` in lacs)
Secured
From banks:
In Indian Rupees
- Cash credit (repayable on demand) 8.1 and 8.2 13,678.05 13,685.63
- Short term loan for working capital 8.1 and 8.3 6,180.00 6,609.93
- Buyers Credit 8.4 832.07 824.96
Foreign currency loan
- Cash credit (repayable on demand) 8.5 1,025.14 938.30
21,715.26 22,058.82
Add: Proportionate share in Joint Ventures [includes short term overdraft facility
of ` 160.88 lacs (31st March 2016 : ` Nil)] 8.6 160.88 -
21,876.14 22,058.82
7. PROVISIONS
Particulars As at March 31, 2017 As at March 31, 2016
Non-current Current Non-current Current
(` in lacs) (` in lacs) (` in lacs) (` in lacs)
For Employee Benefits (refer note no 33)
- Gratuity 217.80 15.62 177.51 13.27
- Leave - 134.66 - 103.26
217.80 150.28 177.51 116.53
Add: Proportionate share in Joint Ventures - 3.03 - 4.24
217.80 153.31 177.51 120.77
Notes:
8.1 Cash credit and short term loans for working capital are secured by (a) First hypothecation charge on current assets of the
Company (excluding current assets financed out of term loan for any specific projects) on pari pasu basis under consortium
banking arrangement. (b) First hypothecation charge on all movable fixed assets (excluding those assets financed out of term
loan and deferred payment credits) of the Company on pari pasu basis under consortium banking arrangement. (c) Personal
guarantee of five promoter shareholders (including four promoter directors) of the Company, (d) Pledge of 5,545,628 nos of
shares held by promoters and (e) Equitable mortgage of a property owned by one promoter director. All the charges created in
favour of the Lenders for Cash Credit and Working Capital loan rank pari passu inter se.
8.2 Cash Credit borrowings carry interest @ 11.20% to 13.50% p.a. and are repayable on demand.
8.3 Short term loans for working capital carries interest @ 9.25% to 12.00% p.a. and are repayable till September 2017.
8.4 Buyers Credit in Indian Rupees is secured against comfort letter of a vendor with recourse backed by bank guarantee issued
by the Company in favour of that vendor. The Bank Guarantee is secured by the same securities as are available to the bank
with respect to cash credit / working capital facilities. The said buyers credit facility carries interest @ 9.95% to 10.00% p.a. and is
repayable till July 2017.
8.5 Foreign currency cash credit loan is secured by first charge on fixed assets of GPT Concrete Products South Africa (Pty.) Ltd. a
subsidiary and personal guarantees of four directors and Corporate Guarantee of the Company. The loan carries interest at the
prime lending rate as applicable in South Africa.
8.6 Proportionate share in Joint Ventures includes short term overdraft facility of ` 160.88 lacs (31st March 2016 : ` Nil) secured
against book debts of GPT - Transnamib Concrete Sleepers Pty. Ltd.
132 GPT Infraprojects Limited
9. TRADE PAYABLES
Particulars As at March 31, 2017 As at March 31, 2016
Non-current Current Non-current Current
(` in lacs) (` in lacs) (` in lacs) (` in lacs)
Trade payables* [including acceptances of ` 89.56 lacs (31st
March 2016 : ` 189.99 lacs)] 825.95 10,007.86 741.23 9,993.89
Add. Proportionate Share in Joint Venture 21.86 2,287.97 - 2,215.26
847.81 12,295.83 741.23 12,209.15
* As per information available with the Group, there are no suppliers covered under Micro, Small & Medium Enterprise Development
Act, 2006. As a result, no interest provision/payment have been made by the Group to such creditors, if any, and no disclosure
thereof is made in this financial statements.
10. OTHER LIABILITIES
Particulars As at March 31, 2017 As at March 31, 2016
Non-current Current Non-current Current
(` in lacs) (` in lacs) (` in lacs) (` in lacs)
Current maturities of long-term borrowings (Refer note no. 5) - 171.92 - 1,284.24
Interest accrued but not due on borrowings - 100.78 - 62.33
Temporary Book Overdraft with Banks - - - 3.74
Other Payables
- Mobilisation advance (partly bearing interest) 1,387.75 2,420.44 1,347.22 2,819.32
- Capital Creditors - 515.77 - 658.91
- Employees related liabilities - 670.97 - 599.09
- Statutory dues - 575.93 - 798.03
Investor Education and Protection Fund :
- Unpaid dividend (Not Due) - 4.91 - 4.57
1,387.75 4,460.72 1,347.22 6,230.23
Add: Proportionate share in Joint Ventures [includes
mobilisation advance of ` 619.05 lacs (31st March 2016 :
` 563.21 lacs)] - 1,301.36 - 850.13
1,387.75 5,762.08 1,347.22 7,080.36
Notes to the Consolidated Financial Statements as at and for the year ended March 31, 2017
37th Annual Report 2016-17 133
Notes to the Consolidated Financial Statements as at and for the year ended March 31, 2017
11. T
AN
GIB
LE A
ND
INTA
NG
IBLE
ASS
ET
S
Tang
ible
Ass
ets
Add
: Pr
opo
rtio
nate
Sh
are
in J
oin
t Ve
ntur
e
Tota
l Ta
ngib
le
Ass
ets
Inta
ngib
le A
sset
sTo
tal
Inta
ngib
le
Ass
ets
Tota
l Fix
ed
asse
tsPa
rtic
ular
sLa
ndB
uild
ings
Plan
t an
d eq
uipm
ent
Furn
iture
an
d fix
ture
sVe
hicl
esC
om
pute
r an
d O
ffice
Eq
uipm
ents
Stee
l Sh
utte
ring
sTo
tal
Co
mpu
ter
soft
war
eTe
chno
logy
Tr
ansf
er
(` in
lacs
)(`
in la
cs)
(` in
lacs
)(`
in la
cs)
(` in
lacs
)(`
in la
cs)
(` in
lacs
)(`
in la
cs)
(` in
lacs
)(`
in la
cs)
(` in
lacs
)(`
in la
cs)
(` in
lacs
)(`
in la
cs)
Gro
ss B
lock
:
As
at 1
st A
pril
2015
337
.10
1
,747
.88
13,
397.
05
192
.42
50
0.0
6 4
36.8
2 2
,053
.54
18,
664.
87
1,9
13.3
3 2
0,57
8.20
1
47.9
8 4
6.24
1
94.2
2 2
0,77
2.42
Add
itio
ns 8
.68
34.
54
537
.20
-
6
6.10
1
2.73
1
,277
.31
1,9
36.5
6 4
36.0
9 2
,372
.65
-
-
-
2,3
72.6
5
Dis
posa
ls (6
9.12
) (1
50.8
9) (1
86.5
7) -
(3
7.0
6) -
-
(4
43.6
4) (3
06.
26)
(749
.90
) -
(4
6.24
) (4
6.24
) (7
96.1
4)
Oth
er a
djus
tmen
ts
- E
xcha
nge
diff
eren
ces
-
(182
.57)
(849
.92)
(1.4
1) (7
.16)
(2.3
6) -
(1
,043
.42)
(180
.73)
(1,2
24.1
5) -
-
-
(1
,224
.15)
As
at 3
1st M
arch
20
16 2
76.6
6 1
,448
.96
12,
897.
76
191
.01
521
.94
447
.19
3,3
30.8
5 1
9,11
4.37
1
,862
.43
20,
976.
80
147
.98
-
147
.98
21,
124.
78
Add
itio
ns 4
5.55
1
,879
.66
1,3
33.1
3 1
14.3
6 1
45.8
1 6
2.81
9
59.1
5 4
,540
.47
39.
88
4,5
80.3
5 3
9.39
-
3
9.39
4
,619
.74
Dis
posa
ls
-
(3.0
9) (8
4.21
) (7
.20
) (7
3.28
) (5
.94)
-
(173
.72)
(236
.92)
(410
.64)
-
-
-
(410
.64)
Oth
er a
djus
tmen
ts
- E
xcha
nge
diff
eren
ces
-
49.
93
279
.46
0.1
4 1
.79
0.2
5 -
3
31.5
7 7
4.35
4
05.
92
-
-
-
40
5.92
As
at 3
1st M
arch
20
17 3
22.2
1 3
,375
.46
14,
426.
14
298
.31
596
.26
50
4.31
4
,290
.00
2
3,81
2.69
1
,739
.74
25,
552.
43
187
.37
-
187
.37
25,
739.
80
Dep
reci
atio
n/A
mo
rtis
atio
n:
As
at 1
st A
pril
2015
-
635
.30
5
,274
.61
62.
69
226
.87
224
.51
1,3
12.3
9 7
,736
.37
1,1
49.0
9 8
,885
.46
134
.78
18.
63
153
.41
9,0
38.8
7
Cha
rge
for
the
year
-
110
.73
1,0
26.0
5 1
9.87
6
4.26
6
1.0
1 3
41.9
1 1
,623
.83
270
.92
1,8
94.7
5 1
0.89
-
1
0.89
1
,90
5.64
On
disp
osa
ls -
(1
7.11
) (1
43.5
2) -
(1
9.94
) -
-
(1
80.5
7) (1
70.7
4) (3
51.3
1) -
(1
8.63
) (1
8.63
) (3
69.9
4)
Oth
er a
djus
tmen
ts
- E
xcha
nge
diff
eren
ces
-
(84.
62)
(377
.24)
(1.0
2) (4
.59)
(1.7
2) -
(4
69.1
9) (1
35.4
1) (6
04.
60)
-
-
-
(60
4.60
)
As
at 3
1st M
arch
20
16 -
6
44.3
0
5,7
79.9
0
81.
54
266
.60
2
83.8
0
1,6
54.3
0
8,7
10.4
4 1
,113
.86
9,8
24.3
0
145
.67
-
145
.67
9,9
69.9
7
Cha
rge
for
the
year
-
118
.23
951
.77
24.
93
62.
43
47.
70
466
.93
1,6
71.9
9 1
22.5
3 1
,794
.52
8.8
7 -
8.8
7 1
,80
3.39
On
disp
osa
ls -
(2
.98)
(66.
42)
(4.1
4) (5
1.75
) (6
.79)
-
(132
.08)
(130
.95)
(263
.03)
-
-
-
(263
.03)
Oth
er a
djus
tmen
ts
- E
xcha
nge
diff
eren
ces
-
15.
30
97.
33
0.1
7 0
.47
0.2
7 -
1
13.5
4 4
0.0
6 1
53.6
0
-
-
-
153
.60
As
at 3
1st M
arch
20
17 -
7
74.8
5 6
,762
.58
10
2.50
2
77.7
5 3
24.9
8 2
,121
.23
10,
363.
89
1,1
45.5
0
11,
509.
39
154
.54
-
154
.54
11,
663.
93
Net
Blo
ck
As
at 3
1st M
arch
20
16 2
76.6
6 8
04.
66
7,1
17.8
6 1
09.
47
255
.34
163
.39
1,6
76.5
5 1
0,40
3.93
7
48.5
7 1
1,15
2.50
2
.31
-
2.3
1 1
1,15
4.81
As
at 3
1st M
arch
20
17 3
22.2
1 2
,60
0.61
7
,663
.56
195
.81
318
.51
179
.33
2,1
68.7
7 1
3,44
8.80
5
94.2
4 1
4,0
43.0
4 3
2.83
-
3
2.83
1
4,0
75.8
7
11A
. CA
PIT
ALI
SAT
ION
OF
EX
PE
ND
ITU
RE
Du
rin
g th
e y
ear
, th
e c
om
pan
y h
as c
apita
lized
the fo
llow
ing
exp
en
ses
of r
eve
nu
e n
atu
re to
the c
ost
of b
uild
ing
(31st
Mar
ch
, 20
16: N
IL).
Co
nse
qu
en
tly,
exp
en
ses
dis
clo
sed
un
der
the r
esp
ectiv
e n
ote
s ar
e n
et
of
amo
un
ts c
apita
lized
by
the c
om
pan
y.
Par
ticu
lars
20
16-1
7
(`
in la
cs)
Sala
ry, w
ages
and
bo
nu
s 5
0.2
8
Fin
ance C
ost
33.
17
Co
nsu
mp
tion
of
sto
res
and
sp
ares
18.8
1
Po
wer
and
fu
el
8.2
0
Rep
airi
ng
an
d m
ain
ten
ance e
xpen
ses
40
.32
Oth
er
mis
cella
neo
us
exp
en
ses
211
.30
36
2.0
8
No
tes
to t
he
Co
nso
lidat
ed F
inan
cial
Sta
tem
ents
as a
t an
d fo
r th
e ye
ar e
nd
ed M
arch
31,
20
17
134 GPT Infraprojects Limited
12. LOANS AND ADVANCES
Particulars As at March 31, 2017 As at March 31, 2016
Non-current Current Non-current Current
(` in lacs) (` in lacs) (` in lacs) (` in lacs)
(Unsecured, Considered Good)
Capital Advances 54.31 - 91.57 -
Advances recoverable in cash or kind
- Related parties (refer note no 32) - 797.03 - -
- Others 1.10 262.56 1.10 732.68
Loan to bodies corporate 120.00 117.09 120.00 83.36
Security Money / Earnest Money Deposits
- Related parties (refer note no 32) 100.00 - 100.00 -
- Others 6.56 1,046.47 6.32 565.84
Other Loans and advances
- Balance with Government Authorities 1,651.39 20.70 1,340.10 7.04
- MAT Credit Entitlement 59.37 - 1.09 -
- Loan to employees 21.13 41.41 12.58 26.94
- Prepaid expenses 137.43 331.70 37.21 206.74
- Advance income-tax [net of provisions of ` 622.89 lacs
(31st March 2016 : ` 564.28 lacs)]
1,081.40 - 1,267.50 -
3,232.69 2,616.96 2,977.47 1,622.60
Add: Proportionate share in Joint Ventures [net of provisions
for income tax of ` 188.37 lacs (31st March 2016 : ` 253.13
lacs)] 1,163.41 2,115.61 1,305.35 1,714.49
4,396.10 4,732.57 4,282.82 3,337.09
13. OTHER ASSETS
Particulars As at March 31, 2017 As at March 31, 2016
Non-current Current Non-current Current
(` in lacs) (` in lacs) (` in lacs) (` in lacs)
(Unsecured, considered good)
Non-current Bank Balances (Refer note no 16) 613.40 - 399.23 -
Interest Accrued on loan given and on fixed deposits - 139.82 - 129.57
Unbilled revenue on construction contracts [also refer note no
26(C)]
- 15,062.14 - 17,675.34
Accrued price variation yet to be billed [also refer note no 26(C)] - 2,010.87 381.56 1,534.26
Receivable from an EPC contract [refer note no 26(B) for details] 1,459.15 - 1,836.83 -
Export benefits receivable - 0.69 - 2.78
2,072.55 17,213.52 2,617.62 19,341.95
Add: Proportionate Share in Joint Venture 999.42 150.22 - 1,346.17
3,071.97 17,363.74 2,617.62 20,688.12
37th Annual Report 2016-17 135
Notes to the Consolidated Financial Statements as at and for the year ended March 31, 2017
14. TRADE RECEIVABLES
Particulars As at March 31, 2017 As at March 31, 2016
Non-current Current Non-current Current
(` in lacs) (` in lacs) (` in lacs) (` in lacs)
Unsecured
Outstanding for a period exceeding six months from the date
they become due for payment
- Considered Good [includes Retention money ` 13.61 lacs
(31st March 2016 : Nil)] - 690.84 - 1,370.14
Others
- Considered Good [includes Retention money
` 2,935.47 lacs (31st March 2016 : ` 2,853.77 lacs)]
718.77 6,022.63 636.97 4,762.36
718.77 6,713.47 636.97 6,132.50
Add: Proportionate share in Joint Ventures [includes
Retention money ` 7.69 lacs (31st March 2016 : ` 425.91
lacs)] 458.53 2,160.05 7.69 2,138.79
1,177.30 8,873.52 644.66 8,271.29
15. INVENTORIES [refer note no 2(k)]
Particulars As at
March 31, 2017
As at
March 31, 2016
(` in lacs) (` in lacs)
Raw Materials 380.28 266.68
Construction Materials [including in transit ` 270.85 lacs (31st March 2016 : ` 331.33 lacs)] 3,451.73 3,426.52
Work in Progress 2.21 10.36
Finished Goods 2,053.82 2,586.57
Stores and Spares [including in transit ` 7.36 lacs (31st March 2016 : ` 4.83 lacs)] 978.13 796.63
6,866.17 7,086.76
Add: Proportionate Share in Joint Venture 78.11 181.98
6,944.28 7,268.74
136 GPT Infraprojects Limited
16. CASH AND BANK BALANCES
Particulars As at March 31, 2017 As at March 31, 2016
Non-current Current Non-current Current
(` in lacs) (` in lacs) (` in lacs) (` in lacs)
Cash and cash equivalents
Balances with banks:
- On current accounts - 150.84 - 118.79
- On unpaid dividend account - 0.08 - 0.11
- Cheque on hand - 11.02 - -
- Cash on hand - 26.74 - 47.07
- 188.68 - 165.97
Other bank balances
Balances with banks:
- Margin money deposit* 613.40 1,955.11 399.23 2,811.60
613.40 1,955.11 399.23 2,811.60
613.40 2,143.79 399.23 2,977.57
Add: Proportionate share in Joint Ventures [including Cash and
Cash equivalents of ` 121.38 lacs (31st March 2016 :
` 101.55 lacs)] - 121.38 - 101.93
Less: Amount disclosed under non-current assets (Refer note
no. 13) 613.40 2,265.17 399.23 3,079.50
613.40 - 399.23 -
- 2,265.17 - 3,079.50
*Receipts pledged as security / margin with sales tax authority and banks (for letters of credit and bank guarantees)
17. REVENUE FROM OPERATIONS
Particulars 2016-17 2015-16
(` in lacs) (` in lacs)
Revenue from operations
Sale of products
- Finished goods 6,258.31 7,882.78
- Traded goods 10.19 1.13
Contract Revenues 31,646.88 30,108.23
Other operating revenue
- Scrap sales 115.37 30.82
- Exports benefits 13.74 13.98
- Royalty fees 21.16 24.55
Revenue from operations (gross) 38,065.65 38,061.49
Less: Excise duty 208.69 369.55
Revenue from operations (net) 37,856.96 37,691.94
Add: Proportionate share in Joint Ventures 13,407.43 12,584.76
51,264.39 50,276.70
Notes to the Consolidated Financial Statements as at and for the year ended March 31, 2017
37th Annual Report 2016-17 137
Notes to the Consolidated Financial Statements as at and for the year ended March 31, 2017
18.1 OTHER INCOME
Particulars 2016-17 2015-16
(` in lacs) (` in lacs)
Insurance claims received 1.37 0.16
Profit on sale of Fixed Assets - 94.49
Premium on redemption of investment in preference shares - 13.04
Unspent liabilities/provisions no longer required written back 174.42 97.39
Other non operating income 178.56 407.95
354.35 613.03
Add: Proportionate share in Joint Ventures 69.46 19.26
423.81 632.29
20. COST OF MATERIALS CONSUMED FOR CONSTRUCTION / OTHER CONTRACTS
Particulars 2016-17 2015-16
(` in lacs) (` in lacs)
Inventory at the beginning of the year 3,426.52 2,529.15
Add: Purchases 13,734.18 12,836.70
17,160.70 15,365.85
Less: Inventory at the end of the year 3,451.73 3,426.52
Cost of construction materials consumed 13,708.97 11,939.33
Add. Proportionate Share in Joint Venture 398.72 1,043.45
14,107.69 12,982.78
18.2 INTEREST INCOME
Particulars 2016-17 2015-16
(` in lacs) (` in lacs)
Interest income on
- Bank and other deposits 255.25 215.31
- Loans given 176.35 114.97
431.60 330.28
Add. Proportionate Share in Joint Venture 0.03 0.18
431.63 330.46
19. COST OF RAW MATERIALS CONSUMED
Particulars 2016-17 2015-16
(` in lacs) (` in lacs)
Inventory at the beginning of the year 266.68 390.00
Add: Purchases 2,831.10 4,850.69
3,097.78 5,240.69
Less: Inventory at the end of the year 380.28 266.68
Cost of raw materials consumed 2,717.50 4,974.01
Add. Proportionate Share in Joint Venture 504.39 684.25
3,221.89 5,658.26
138 GPT Infraprojects Limited
22. CHANGE IN INVENTORIES OF FINISHED GOODS, STOCK-IN-TRADE AND WORK-IN-PROGRESS
Particulars 2016-17 2015-16 Change in
inventories (` in lacs) (` in lacs)
Inventories at the end of the year:
- Finished goods 2,053.82 2,586.57 532.75
- Work in Progress 2.21 10.36 8.15
2,056.03 2,596.93 540.90
Inventories at the beginning of the year:
- Finished goods 2,586.57 1,971.89 (614.68)
- Work in Progress 10.36 552.79 542.43
- Stock in Trade - 6.22 6.22
2,596.93 2,530.90 (66.03)
540.90 (66.03)
Less. (Increase)/decrease in excise duty on Finished Goods Stock # 46.39 (37.10)
494.51 (28.93)
Add. Exchange fluctuation on translation of inventory 66.37 (232.22)
560.88 (261.15)
Add. Proportionate Share in Joint Venture - 17.77
560.88 (243.38)
(#) represents differential excise duty and cess on opening and closing stock of Finished Goods.
21. PURCHASE OF STOCK - IN - TRADE
Particulars 2016-17 2015-16
(` in lacs) (` in lacs)
- Steel 10.19 1.13
Add. Proportionate Share in Joint Venture 1,229.03 321.75
1,239.22 322.88
23. EMPLOYEE BENEFITS EXPENSE
Particulars 2016-17 2015-16
(` in lacs) (` in lacs)
Salaries, Wages and Bonus 3,148.73 2,986.98
Contribution to provident and others funds 114.29 73.43
Gratuity expense (refer note no 33) 99.68 60.30
Staff Welfare Expenses 83.13 86.06
3,445.83 3,206.77
Add. Proportionate Share in Joint Venture 155.89 140.40
3,601.72 3,347.17
Notes to the Consolidated Financial Statements as at and for the year ended March 31, 2017
37th Annual Report 2016-17 139
Notes to the Consolidated Financial Statements as at and for the year ended March 31, 2017
24. OTHER EXPENSES
Particulars 2016-17 2015-16
(` in lacs) (` in lacs) (` in lacs) (` in lacs)
Consumption of stores and spares 2,110.84 1,793.67
Power and Fuel 1,546.18 1,205.96
Payment to subcontractors (including towards turnkey
contracts)
6,646.23 6,881.02
Rent 275.11 333.87
Machinery hire charges 916.88 679.00
Transportation expenses 550.20 233.01
Rates and taxes 119.89 76.21
Insurance 54.17 70.62
Repairs and maintenance
- Plant and machinery 171.43 216.95
- Buildings 3.45 -
- Others 72.09 246.97 52.50 269.45
Professional charges and consultancy fees 203.88 368.23
Travelling and conveyance 371.44 261.80
Donations and charity* 12.00 16.74
Site mobilisation expenses 69.11 161.14
Directors remuneration
- Commission 15.25 16.42
- Directors sitting fees 9.85 25.10 6.78 23.20
Payment to auditors
As auditor:
- Audit fee 20.00 18.00
- Limited review 10.50 9.50
In other capacity:
- Other services (certification fees) 27.69 4.65
- Reimbursement of expenses 1.89 60.08 0.85 33.00
Loss on foreign exchange fluctuations (net) 8.84 373.71
Loss on sale / discard of fixed assets (net) 14.53 4.78
Bad debts written off - 778.82
Advertisement expenses 17.63 16.53
Freight & forwarding expenses 241.41 36.67
Other miscellaneous expenses 562.01 573.57
14,052.50 14,191.00
Add. Proportionate Share in Joint Venture 7,673.89 7,215.39
21,726.39 21,406.39
* Includes donation of ` 12.00 lacs (31st March 2016 : ` 11.74 lacs) to a trust considered as CSR expenditure for the year.
140 GPT Infraprojects Limited
25. FINANCE COSTS
Particulars 2016-17 2015-16
(` in lacs) (` in lacs)
Interest expense on :
Term loans from
- Banks 849.96 501.15
- Others 45.84 75.11
Other loans, mobilisation advances etc.
- Banks 1,697.67 2,265.00
- Others 690.72 613.33
Other borrowing costs 457.96 336.08
3,742.15 3,790.67
Add. Proportionate Share in Joint Venture 33.40 70.22
3,775.55 3,860.89
Notes to the Consolidated Financial Statements as at and for the year ended March 31, 2017
Particulars As at
March 31, 2017
As at
March 31, 2016
(` in lacs) (` in lacs)
(i) Disputed central excise and service tax demands under appeal :
a) Demand on account of Modvat Credit disallowed for subsequent endorsement
of third party invoice in favour of the Company. The Company has filed an appeal
before the Appellate Authority against such demand which is pending hearing.
92.16 92.16
b) Others 32.58 4.32
(ii) Disputed VAT / CST demand under appeal :
Demands on account of disallowances of export sales, labour and supervision charges,
Works Contract Tax, etc. from taxable contractual transfer price and disallowance of
Input VAT on purchases, stock transfer to branch etc. The Company has filed appeals
before the Appellate Authorities against such demands which are pending hearing.
1,212.35 1,068.03
Note: Proportionate Share of Joint Ventures in contingent liabilities not provided for ` Nil (31st March 2016 : ` Nil)
The company is contesting the demands and based on opinion of tax advisiors, the management believe that its position
will likely be upheld in the appellate process. No tax expense has been accrued in the financial statements for the tax
demand raised. The management believes that the ultimate outcome of this proceeding will not have a material adverse
effect on the company’s financial position and results of operations.
26. CONTINGENCIES
(A) Contingent liabilities not provided for in respect of:
(B) In an earlier year, the Company had formed a special purpose vehicle (SPV) in form of a subsidiary (Jogbani Highway Private
Limited) for execution of a BOT contract awarded by a customer. The subsidiary had entered into a concession agreement
with the customer and had awarded an EPC contract to the Company. In an earlier year, the subsidiary had terminated
the concession agreement with the customer and had gone into arbitration mainly due to required land not being made
available by the customer, resulting in termination of the EPC contract awarded to the Company. The Group is carrying net
assets of ̀ 2,088.24 lacs (31st March 2016 : ̀ 2,038.35 lacs) as on the Balance Sheet date (Included under loans and advances
and other assets) pertaining to the above project. Since the matter has been referred to arbitration, the recoverability of the
aforesaid net assets of the Group is subject to outcome of the said arbitration. The Management believes that the outcome
of the arbitration shall result in recovery of the said cost on the facts of the case and as per the terms and conditions of the
said concession agreement and accordingly no provision is considered necessary in the financial statements.
(C) During earlier years, the Company had significantly completed execution of certain construction contracts under the terms
37th Annual Report 2016-17 141
Notes to the Consolidated Financial Statements as at and for the year ended March 31, 2017
of agreements with some government departments. Unbilled revenue, accrued price escalations and trade receivables
aggregating ̀ 3,895.08 lacs (31st March 2016 : ̀ 3,530.33 lacs), included in other current assets and trade receivables, are yet
to be received by the Company in respect of such contracts due to paucity of funds available with those customers. Based
on regular follow ups with those customers, management is confident that the aforesaid amount is fully recoverable.
(D) In respect of a project executed through a Joint Venture, the management of the Joint Venture has initiated arbitration
proceedings to recover the underlying unbilled revenue, trade and other receivables. Management believes that the
outcome of the arbitration will be in favour of the Joint Venture and accordingly the Group’s share of unbilled revenue,
trade and other receivables aggregating ` 687.13 lacs have been considered as fully recoverable.
(E) In respect of a project executed through a Joint Venture, the management of the Joint Venture has filed claim to recover
the underlying unbilled revenue and trade receivables and intends to refer the matter to arbitration, in case aforesaid claim
is not accepted by the customer. Pending initiation of arbitration, the management, based on facts of the case, is confident
that Group’s share of unbilled revenue, trade and other receivables aggregating ` 1,117.71 lacs are fully recoverable.
28. (a) The Company had introduced an Employee Stock Option Plan (ESOP) GPT Employee Stock Option Plan - 2009 (ESOP
scheme) in the year 2009 - 10. On the basis of such scheme, 2,00,000 equity shares of the Company were allotted to
an Employees’ Welfare Trust namely GPT Employees’ Welfare Trust (“the trust”) on 2nd January 2010. In an earlier year, the
Nomination and Remuneration Committee approved the proposal for grant of options under the aforesaid scheme to the
eligible employees of the Company for the 2,00,000 shares. None of the grantees / eligible employees accepted the grant
within the prescribed acceptance period. Under the circumstances, the Board, as recommended by the Nomination and
Remuneration Committee dissolved the said ESOP Scheme during that financial year.
(b) Further, the Company had also given ` 200.00 lacs during 2009 - 10 by way of interest free loan to M/s. GPT Employees
Welfare Trust. The Trust has refunded ̀ 184.70 lacs (31st March 2016 : ̀ 2.00 lacs) to the Company during the year which has
been considered as an adjustment to securities premium account amounting ̀ 164.70 lacs and balance ̀ 20.00 lacs against
equity share capital. The Trust had sold the shares held by it in the secondary market through stock exchange and the sale
proceeds so generated was partly utilised for the repayment of the outstanding loan granted by the Company to the Trust
and the balance fund will be utilised for the general employees benefit as stated in the GPT Employees Welfare Trust Deed.
Particulars As at
March 31, 2017
As at
March 31, 2016
(` in lacs) (` in lacs)
Estimated amount of contracts remaining to be executed on Capital Account and not
provided for (net of advances) [Includes proportionate share in Joint Venture ` Nil (31st
March 2016 : `13.71 lacs)]
160.99 736.39
27. CAPITAL AND OTHER COMMITMENTS
Particulars As at
March 31, 2017
As at
March 31, 2016
Profit after tax as per Statement of profit & loss (` in lacs) 1,557.22 1282.21
Weighted average number of equity shares for calculating basic and diluted EPS (Nos.) 14,465,740 14,343,000
Basic and diluted EPS (`) 10.76 8.94
29. Basis for calculation of Basic and Diluted Earnings Per Share (EPS) is as follows:
142 GPT Infraprojects Limited
30. SEGMENT INFORMATION
Business segment The business segments have been identified on the basis of the activities undertaken by the Group.
Accordingly, the Group has identified the following reportable segments:
Concrete Sleepers Consists of manufacturing of concrete sleepers,
Infrastructure Consists of execution of construction contracts and other infrastructure activities,
Others Consists of miscellaneous business comprising less than 10% revenue on individual basis.
Geographical segment The analysis of geographical segment is demarcated into Domestic and Overseas operations.
(a) Information about Primary Business Segments:
Particulars Concrete Sleepers and Allied
Infrastructure Others Total
2016-17 2015-16 2016-17 2015-16 2016-17 2015-16 2016-17 2015-16
(a) Revenue (Net of ExciseDuty and Cess)
External sales 7,149.20 8,816.50 43,962.95 41,392.40 - - 51,112.15 50,208.90
Inter Segment Sales - - - - - - - -
Total Revenue 7,149.20 8,816.50 43,962.95 41,392.40 - - 51,112.15 50,208.90
(b) Results
Segment Results 1,034.22 1,014.91 5,622.37 5,682.45 (190.11) (141.12) 6,466.48 6,556.24
Unallocated Income (Net of unallocated expenses)
(607.83) (696.53)
Operating Profit 5,858.65 5,859.71
Finance Cost 3,775.55 3,860.89
Profit before tax 2,083.10 1,998.82
Tax Expenses 487.66 716.61
Profit after tax but before minority interest
1,595.44 1,282.21
OTHER INFORMATION
(a) Total Assets
Segment Assets 13,397.01 8,941.26 44,873.01 46,755.73 732.32 216.96 59,002.34 55,913.95
Unallocated Corporate / other Assets
4,736.59 6,053.04
Total 63,738.93 61,966.99
(b) Total Liabilities
Segment Liabilities 5,709.09 3,922.23 13,676.02 15,148.71 202.99 107.73 19,588.10 19,178.67
Unallocated Corporate / other Liabilities
25,550.15 25,694.90
Total 45,138.25 44,873.57
(c) Capital Expenditure 3,531.93 559.39 1,448.49 2,075.60 - - 4,980.42 2,634.99
Unallocated, Corporate and others 98.39 3.75
Total 5,078.81 2,638.74
(d) Depreciation & Amortization 618.45 768.13 1,130.49 1,054.63 0.35 2.24 1,749.29 1,825.00
Unallocated, Corporate and others 54.10 80.64
Total 1,803.39 1,905.64
(e) Non cash expenses other than depreciation included in segment expenses for arriving at Segment Results
3.73 0.24 5.67 276.36 - 26.77 9.40 303.37
(` in lacs)
Notes to the Consolidated Financial Statements as at and for the year ended March 31, 2017
37th Annual Report 2016-17 143
Notes to the Consolidated Financial Statements as at and for the year ended March 31, 2017
(b) Information about Geographical Segments:
The following table shows the distribution of the Group’s consolidated sales and services by geographical market, regardless of
where the goods / services were produced:
Assets and additions to tangible and intangible fixed assets by geographical area: The following table shows the carrying amount
of segment assets and addition to segment assets (tangible and intangible fixed assets) by geographical area in which the assets
are located:
Particulars Carrying amount of segment
assets
Addition to tangible and
intangible assets
2016-17 2015-16 2016-17 2015-16
(` in lacs) (` in lacs) (` in lacs) (` in lacs)
Domestic 49,912.27 48,380.78 3,780.57 1,833.17
Overseas 9,090.07 7,533.17 757.27 525.84
Total 59,002.34 55,913.95 4,537.84 2,359.01
Particulars 2016-17 2015-16
(` in lacs) (` in lacs)
Domestic 45,601.31 44,237.61
Overseas 5,510.84 5,971.29
Total 51,112.15 50,208.90
31. Construction contracts disclosure
Information relating to Construction contracts as per Accounting Standard 7 (Revised) are given below:
Particulars 2016-17 2015-16
(` in lacs) (` in lacs)
Contract income recognized as revenue during the year 42,710.04 41,066.78
Aggregate amount of costs incurred and recognized profits (less recognized losses) till date
for contracts in progress
1,04,096.98 104,008.19
Advances received (unadjusted) for contracts in progress 1,740.21 3,022.27
Retention amount for contracts in progress 3,442.53 2,738.83
Gross amount due from customers for contract work for contracts in progress 15,734.61 19,381.09
a. Consequent to revision in cost to complete of an ongoing project during the year, unbilled revenue aggregating ` 1,533.51
lacs had to be reversed in these financial statements
b. Based on final measurement of certain significantly completed projects jointly carried out during the year by the Company
and customer, it has been considered prudent to reverse unbilled revenue aggregating ` 2,833.51 lacs in these financial
statements.
32. In compliance with Accounting Standard – 18, the disclosures regarding related parties are as follows:
A. Name of Related parties:
i) Joint Ventures GPT – Transnamib Concrete Sleepers (Pty.) Limited, Namibia
GPT - GVV(JV)
GPT - MADHAVA (JV)
GPT – PREMCO - RDS (JV)
GPT – GEO (JV)
GPT – GEO - UTS (JV)
GPT – SLDN - UTS (JV)
GPT – RDS (JV)
GPT – SLDN - COPCO (JV)
GPT Infrastructure Pvt Ltd & Universal Construction Co. (JV)
GPT – RAHEE (JV)
GPT – CVCC – SLDN (JV)
144 GPT Infraprojects Limited
32. In compliance with Accounting Standard – 18, the disclosures regarding related parties are as follows:
A. Name of Related parties:
i) Joint Ventures (contd...) GPT – TRIBENI (JV)
GPT – RANHILL (JV)
GPT – SMC (JV)
GPT – BALAJI – RAWATS (JV)
GPT – BHARTIA (JV)
BHARAT – GPT (JV)
BHARTIA – GPT – ALLIED (JV)
PREMCO – GPT (JV)
RAHEE – GPT (JV)
RAHEE – GPT (IB) (JV)
RAHEE – GPT (NFR) (JV)
PIONEER – GPT (JV)
GEO Foundation & Structure Pvt Ltd & GPT Infraprojects Limited (JV)
JMC – GPT (JV)
Hari – GPT (JV)
GPT – SKY (JV)
G R (JV)
ILFS – GPT (JV)
GPT – Balaji (JV)
ii) Key Management Personnel (KMP) Mr. D. P. Tantia – Chairman
Mr. S. G. Tantia – Managing Director
Mr. Atul Tantia – Executive Director
Mr. Vaibhav Tantia – Director and Chief Operating Officer
Mr. Arun Kumar Dokania – Chief Financial Officer
iii) Relatives of Key Management Personnel
(KMP)
Mrs. Pramila Tantia – Wife of Mr. D. P. Tantia
Mrs. Kriti Tantia – Wife of Mr. Atul Tantia
Mrs. Radhika Tantia – Wife of Mr. Vaibhav Tantia
Mrs. Vinita Tantia – Wife of Mr. S. G. Tantia
Mr. Amrit Jyoti Tantia – Son of Mr. S. G. Tantia
Mrs. Manju Dokania – Wife of Mr. A K Dokania
iv) Enterprises owned or significantly
influenced by the KMP/ KMP’s relatives
GPT Castings Limited
GPT Healthcare Private Limited
GPT Estate Private Limited
GPT Sons Private Limited
Govardhan Foundation
Dwarika Prasad Tantia HUF – Mr. D. P. Tantia is the Karta
Shree Gopal Tantia HUF – Mr. S. G. Tantia is the Karta
Notes to the Consolidated Financial Statements as at and for the year ended March 31, 2017
37th Annual Report 2016-17 145
Notes to the Consolidated Financial Statements as at and for the year ended March 31, 2017
B.
De
tails
of
tran
sact
ion
s an
d B
alan
ces
ou
tsta
nd
ing
re
lati
ng
to
Jo
int
Ve
ntu
res:
Nam
e o
f Jo
int
Ve
ntu
res
Sale
s an
d
Co
ntr
act
Re
ven
ue
Re
cove
ry
of
Mac
hin
e
Hir
e &
Sta
ff
De
pu
tati
on
char
ge
s
and
Sal
e o
f
con
sum
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Ro
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nd
Co
nsu
ltan
cy
Fee
s
Pu
rch
ase
of
raw
mat
eri
al,
sto
re a
nd
fixe
d A
sse
ts
Dir
ect
ors
Re
mu
ne
rati
on
and
Sit
tin
g
Fee
s
Pre
miu
m
rece
ive
d o
n
red
em
pti
on
of
inve
stm
en
t
in p
refe
ren
ce
shar
es
Ou
tsta
nd
ing
Gu
aran
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s
Bal
ance
ou
tsta
nd
ing
as a
t th
e y
ear
en
d
(`
in la
cs)
(`
in la
cs)
(`
in la
cs)
(`
in la
cs)
(`
in la
cs)
(`
in la
cs)
(`
in la
cs)
(`
in la
cs)
GP
T T
ran
snam
ib C
on
cre
te S
leep
ers
(Pty
.) Lt
d.
--
21.
16
-7.
52
-
-2
.48
(-)
(-)
(24
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(-)
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GP
T –
GV
V (JV
)-
--
--
--
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(-)
(-)
(-)
(-)
(-)
(-)
(-)
(5.1
3)
GP
T –
GE
O –
UT
S (J
V)
--
--
--
-0
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(-)
(-)
(-)
(-)
(-)
(-)
(-)
(0.1
7)
GP
T In
fras
tru
ctu
re P
vt L
td &
Un
ivers
al C
on
stru
ctio
n C
o. (
JV)
--
--
--
-5.
32
(6.4
8)
(-)
(-)
(-)
(-)
(-)
(-)
(9.3
2)
GP
T –
RA
HE
E (JV
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9.2
2
-8
2.8
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-13
9.1
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-
(-)
(39.2
9)
(-)
(117
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)(-
)(-
)(5
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(14
8.2
8)
GP
T –
RA
NH
ILL
(JV
)0
.26
-
--
--
-0
.07
(0.2
5)
(-)
(-)
(-)
(-)
(-)
(0.1
1)(0
.03
)
GP
T -
SM
C (JV
)-
0.3
2
--
--
85.
06
(-
) 12
.66
(-)
(3.4
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(-)
(12
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)(-
)(-
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6)
(-12
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)
GP
T –
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Y (JV
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--
--
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1.76
-
(-)
(-)
(-)
(-)
(-)
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(41.
76)
-
GE
O F
ou
nd
atio
n &
Str
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re P
vt
Ltd
& G
PT
Infr
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(JV
)
8.8
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--
--
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5
(-)
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(153.
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ILFS
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GP
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ben
i (JV
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-
--
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100
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1
(19.5
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(10
0.2
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(65.
27)
No
tes
to t
he
Co
nso
lidat
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inan
cial
Sta
tem
ents
as a
t an
d fo
r th
e ye
ar e
nd
ed M
arch
31,
20
17
146 GPT Infraprojects Limited
C. Details of transactions and Balances outstanding relating to Others :
Nature of Transaction Key
Management
Personnel
Enterprises over
which KMP/ KMP’s
relatives having
significant influence
Relatives of Key
Management
Personnel
Total
(` in lacs) (` in lacs) (` in lacs) (` in lacs)
Scrap Sales
GPT Castings Limited- 52.97 - 52.97
(-) (20.62) (-) (20.62)
Interest Received
GPT Castings Limited- - - -
(-) (16.58) (-) (16.58)
Loan Given
GPT Castings Limited- - - -
(-) (743.10) (-) (743.10)
Refund received for Loan Given
M/s. GPT Employees Welfare Trust- - - -
(-) (743.10) (-) (743.10)
Purchase of Raw Materials
GPT Castings Limited- 489.34 - 489.34
(-) (753.98) (-) (753.98)
Reimbursement paid for Staff Deputation
Charges and other expenses
GPT Healthcare Private Limited- - - -
(-) (0.84) (-) (0.84)
GPT Estate Private Limited- 39.16 - 39.16
(-) (33.90) (-) (33.90)
Rent Paid
GPT Sons Private Limited- 9.00 - 9.00
(-) (9.00) (-) (9.00)
GPT Estate Private Limited- 142.73 - 142.73
(-) (124.20) (-) (124.20)
Mr. S. G. Tantia0.30 - - 0.30
(0.30) (-) (-) (0.30)
Mr. Vaibhav Tantia0.42 - - 0.42
(0.42) (-) (-) (0.42)
Mrs. Pramila Tantia- - 0.30 0.30
(-) (-) (0.30) (0.30)
Salary / Remuneration Paid
Mr. D. P. Tantia15.25 - - 15.25
(16.42) (-) (-) (16.42)
Mr. S. G. Tantia68.64 - - 68.64
(60.00) (-) (-) (60.00)
Mr. Atul Tantia53.16 - - 53.16
(45.62) (-) (-) (45.62)
Mr. Vaibhav Tantia53.16 - - 53.16
(45.42) (-) (-) (45.62)
Mr. Arun Kumar Dokania55.73 - - 55.73
(46.37) (-) (-) (46.37)
Mr. Amrit Jyoti Tantia- - 14.44 14.44
(-) (-) (5.39) (5.39)
37th Annual Report 2016-17 147
Notes to the Consolidated Financial Statements as at and for the year ended March 31, 2017
C. Details of transactions and Balances outstanding relating to Others :
Nature of Transaction Key
Management
Personnel
Enterprises over
which KMP/ KMP’s
relatives having
significant influence
Relatives of Key
Management
Personnel
Total
(` in lacs) (` in lacs) (` in lacs) (` in lacs)
Directors Sitting Fees Paid
Mr. D. P. Tantia3.20 - - 3.20
(1.42) (-) (-) (1.42)
Donation Paid
Govardhan Foundation- 12.00 - 12.00
(-) (11.74) (-) (11.74)
Dividend Paid
Mr. D. P. Tantia4.49 - - 4.49
(8.99) (-) (-) (8.99)
Mr. S. G. Tantia8.38 - - 8.38
(22.06) (-) (-) (22.06)
Mr. Atul Tantia4.17 - - 4.17
(8.35) (-) (-) (8.35)
Mr. Vaibhav Tantia3.42 - - 3.42
(6.10) (-) (-) (6.10)
Mr. Arun Kumar Dokania0.01 - - 0.01
(0.02) (-) (-) (0.02)
Dwarika Prasad Tantia HUF- 1.21 - 1.21
(-) (2.22) (-) (2.22)
Shree Gopal Tantia HUF- 1.57 - 1.57
(-) (3.13) (-) (3.13)
GPT Sons Private Limited- 46.10 - 46.10
(-) (92.21) (-) (92.21)
Mrs. Pramila Tantia- - 4.44 4.44
(-) (-) (8.89) (8.89)
Mrs. Kriti Tantia- - 2.13 2.13
(-) (-) (4.27) (4.27)
Mrs. Radhika Tantia- - 1.00 1.00
(-) (-) (2.00) (2.00)
Mrs. Vinita Tantia- - 4.60 4.60
(-) (-) (9.21) (9.21)
Mr. Amrit Jyoti Tantia- - 6.74 6.74
(-) (-) (9.48) (9.48)
Mrs. Manju Dokania- - 0.01 0.01
(-) (-) (0.01) (0.01)
Balance outstanding as at the year end – Debit
GPT Estate Private Limited- 74.77 - 74.77
(-) (10.55) (-) (10.55)
GPT Castings Limited- 731.62 - 731.62
(-) (-) (-) (-)
Mr. S. G. Tantia- - - -
(2.18) (-) (-) (2.18)
148 GPT Infraprojects Limited
Notes to the Consolidated Financial Statements as at and for the year ended March 31, 2017
C. Details of transactions and Balances outstanding relating to Others :
Nature of Transaction Key
Management
Personnel
Enterprises over
which KMP/ KMP’s
relatives having
significant influence
Relatives of Key
Management
Personnel
Total
(` in lacs) (` in lacs) (` in lacs) (` in lacs)
Balance outstanding as at the year end – Credit
GPT Sons Private Limited- 1100.91 - 1100.91
(-) (11.87) (-) (11.87)
GPT Healthcare Private Limited- - - -
(-) (3.70) (-) (3.70)
GPT Castings Limited- - - -
(-) (200.38) (-) (200.38)
Mr. D. P. Tantia15.25 - - 15.25
(16.75) (-) (-) (16.75)
Mr. S. G. Tantia6.30 - - 6.30
(-) (-) (-) (-)
Mr. Atul Tantia4.12 - - 4.12
(4.26) (-) (-) (4.26)
Mr. Vaibhav Tantia4.19 - - 4.19
(4.26) (-) (-) (4.26)
Mr. Arun Kumar Dokania3.57 - - 3.57
(4.09) (-) (-) (4.09)
Mr. Amrit Jyoti Tantia- - 1.64 1.64
(-) (-) (1.34) (1.34)
Outstanding Personal Guarantee / Corporate
Guarantees given on behalf of the Company*
Mr. D. P. Tantia45039.59 - - 45,039.59
(39885.19) (-) (-) (39,885.19)
Mr. S. G. Tantia 45039.59 - - 45,039.59
(39885.19) (-) (-) (39,885.19)
Mr. Vaibhav Tantia45081.76 - - 45,081.76
(39885.19) (-) (-) (39,885.19)
Mr. Atul Tantia45431.78 - - 45431.78
(41569.23) (-) (-) (41569.23)
GPT Estate Private Limited- - - -
(-) (1035.11) (-) (1035.11)
* represents aggregate amount of fund and non fund based borrowing limits available to the Company that are secured by
assets and these personal guarantees as set out in note no 5 and 8.
Note: Figures in bracket relates to previous year.
37th Annual Report 2016-17 149
Notes to the Consolidated Financial Statements as at and for the year ended March 31, 2017
D. Other Transaction :-
In an earlier year, the following related parties had pledged the below mentioned shares in favour of the consortium bankers
as an additional security towards credit facilities including non fund based credit facilities sanctioned to the Company by such
consortium bankers.
Name of the Related Party No of shares pledged
GPT Sons Private Limited 4,610,398
Mr. Dwarika Prasad Tantia 311,744
Mr. Shree Gopal Tantia 311,743
The above mentioned parties and number of shares pledged remain unchanged as on the balance sheet date.
Gratuity (Funded)
Particulars 2016-17 2015-16
(` in lacs) (` in lacs)
Movement in defined benefit obligation
Obligation at the beginning of the year 277.31 244.43
Current Service Cost 42.67 31.49
Interest Cost 23.66 20.93
Actuarial (gain) / loss 43.96 8.81
Benefits paid (33.99) (28.35)
Obligation at the year end 353.61 277.31
Change in Plan Assets
Plan assets at period beginning, at fair value 86.53 92.77
Expected return on plan assets 7.75 7.17
Actuarial gain / (Loss) 2.86 (6.24)
Contributions 57.04 21.18
Benefits paid (33.99) (28.35)
Plan Assets at the year end, at fair value 120.19 86.53
Reconciliation of present value of the obligation and the fair Value of plan assets
Fair Value of plan assets at the end of the year 120.19 86.53
Present value of the defined benefit obligations at the end of the year 353.61 277.31
Liability recognised in the Balance Sheet 233.42 190.78
Cost for the Year
Current service cost 42.67 31.49
Interest cost 23.66 20.93
Expected return on plan assets (7.75) (7.17)
Actuarial (gain) / loss 41.10 15.05
Net Cost recognized in the statement of Profit and Loss 99.68 60.30
Assumptions used to determine the benefit obligations:
Discount rate 7.50% 8.00%
Estimated rate of return on plan assets 7.50% 8.00%
Salary growth rate (per annum) 6.00% 6.00%
Employee turnover 8.00% at younger ages and
reducing to 1.00% at older age
according to graduated scale.
The major categories of plan assets as a percentage of the fair value of total plan assets
are as follows:
Funded with the insurer 100.00% 100.00%
33. (a) Gratuity
The Group has a defined benefit gratuity plan. Every employee who has completed five years or more of service is entitled to
Gratuity on terms not less favorable than the provisions of The Payment of Gratuity Act, 1972. The scheme is funded.
150 GPT Infraprojects Limited
Notes to the Consolidated Financial Statements as at and for the year ended March 31, 2017
The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion and other
relevant factors, such as supply and demand in the employment market.
The overall expected rate of return on assets is determined based on the market prices prevailing on that date, applicable to the
period over which the obligation is to be settled. There has been significant change in expected rate of return on assets due to
change in the market scenario.
The amount for current and previous four years are as follows:
The Group expects to contribute ` 78.18 lacs (31st March 2016: ` 61.64 lacs) in the year 2017 – 18.
The overall expected rate of return on assets is determined based on the market prices prevailing on that date, applicable to the
period over which the obligation is to be settled.
Notes:
The estimates of future salary increase considered in actuarial valuation, takes account of inflation, seniority, promotion and other
relevant factors, such as supply and demand in the employment market.
ParticularsGratuity (Funded)
2017 2016 2015 2014 2013
(` in lacs) (` in lacs) (` in lacs) (` in lacs) (` in lacs)
Defined value of obligations at the end of the year 353.61 277.31 244.43 189.54 158.26
Plan Assets at the end of the period 120.19 86.53 92.77 97.59 92.61
Deficit (233.42) (190.78) (151.66) (91.95) (65.65)
Experience (Gain) / Loss on Plan Liabilities 21.43 18.38 28.84 (3.27) (19.93)
Experience Gain / (Loss) on Plan Assets 2.86 (6.24) 5.44 0.75 (4.55)
The Management has relied on the overall actuarial valuation conducted by the actuary.
Particulars 2016-17 2015-16
(` in lacs) (` in lacs)
Contribution to Provident Fund 87.80 64.39
(b) Amount incurred as expense for defined contribution plans
34. The Group has operating leases for office and other premises that are renewable on a periodic basis and are cancelable by giving
a notice period ranging from one month to three months. The amount of rent expenses included in statement of profit and loss
towards operating Leases aggregate to ` 277.96 lacs (31st March 2016 : ` 348.77 lacs).
Particulars
Specified Bank
Notes
Other
Denomination
Notes
Total
(` in lacs) (` in lacs) (` in lacs)
(a) (b) (c) (d) = (b+c)
Closing Cash in Hand as on 08.11.2016 16.88 31.35 48.23
Add. Permitted Receipts - 62.92 62.92
Less. Permitted Payments - 67.97 67.97
Less. Amount deposited in Banks 16.88 - 16.88
Closing Cash in Hand as on 30.12.2016 - 26.30 26.30
35. In terms of notification no G.S.R.308 (E) dated 30th March 2017 of Ministry of Corporate Affairs, necessary disclosures on details
of Specified Bank Notes and other denomination notes held and transacted during the period from 8th November, 2016 to 30th
December 2016 are provided as under :-
37th Annual Report 2016-17 151
Notes to the Consolidated Financial Statements as at and for the year ended March 31, 2017
36. Additional information as required under Schedule III to the Companies Act, 2013, of enterprises consolidated as Subsidiary /
Associates / Joint Ventures.
Name of the entity
As at 31.03.2017 2016 - 17 As at 31.03.2016 2015 - 16
Net Assets, i.e., total
assets minus total
liabilities
Share in
Profit or Loss
Net Assets, i.e., total
assets minus total
liabilities
Share in
Profit or Loss
As % of
Consolidated
net assets/
(liabilities)
Amount As % of
Consolidated
Profit or (loss)
Amount
of Profit or
(Loss)
As % of
Consolidated
net assets/
(liabilities)
Amount As % of
Consolidated
Profit or (loss)
Amount
of Profit or
(Loss)
Parent
GPT Infraprojects Limited 83.72% 15,978.29 65.70% 1,048.16 87.29% 14,902.54 76.77% 984.30
Subsidiary
Indian
Jogbani Highway Private Limited 3.11% 593.29 0.00% - 3.48% 593.29 0.00% -
Superfine Vanijya Private Limited 1.01% 192.15 0.01% 0.19 1.12% 191.96 1.08% 13.88
Foreign
GPT Investments Private Limited 15.68% 2,992.81 20.72% 330.64 16.02% 2,734.87 24.95% 319.96
GPT Concrete Products South Africa
Pty. Ltd.
3.63% 693.14 5.33% 85.08 3.93% 671.05 8.58% 109.99
Minority Interests in all subsidiaries
Associates
Indian
Jogbani Highway Private Limited 0.63% 120.00 0.00% - 0.70% 120.00 0.00% -
Foreign
GPT Concrete Products South Africa
Pty. Ltd.
2.54% 484.71 2.40% 38.22 1.77% 301.49 4.13% 52.90
Joint Ventures (As per
Proportionate consolidation /
Investment as per the Equity
method)
Indian
BHARAT - GPT (JV) 0.00% 0.05 0.13% 2.05 0.00% - 0.29% 3.66
PIONEER - GPT (JV) 0.02% 2.95 0.00% - 0.02% 2.95 0.23% 2.94
BHARTIA-GPT-ALLIED (JV) 0.00% - 3.35% 53.39 0.00% - 3.98% 51.00
GPT - GEO (JV) 0.13% 24.53 2.37% 37.85 0.12% 19.68 2.63% 33.75
GPT - GEO - UTS (JV) 0.00% 0.78 0.00% - 0.00% 0.78 0.00% -
GPT - GVV (JV) 0.06% 12.14 0.00% - 0.08% 13.42 0.00% -
GPT - RDS (JV) 0.27% 52.35 0.00% - 0.32% 54.89 -0.79% (10.13)
GPT - SLDN - COPCO (JV) 0.00% (0.24) 0.00% - 0.00% (0.24) 0.00% -
GPT - SLDN - UTS (JV) 0.19% 36.06 0.00% - 0.22% 38.14 0.00% -
GPT - TRIBENI (JV) -0.07% (13.04) 0.38% 6.01 -0.03% (4.48) 0.08% 1.01
GPT Infrastructure Pvt. Ltd. &
Universal Construction Co. (JV)
-0.01% (1.28) 0.00% - 0.00% (0.68) 0.00% -
GPT - CVCC - SLDN (JV) 0.38% 72.13 0.00% - 0.42% 72.17 0.00% -
GPT - MADHAVA (JV) 0.26% 48.79 0.00% - 0.29% 48.79 -1.14% (14.66)
GPT - PREMCO-RDS (JV) 0.00% (0.84) 0.00% - 0.00% (0.83) 0.00% -
GPT - RAHEE (JV) 6.00% 1,145.58 0.18% 2.88 10.43% 1,781.07 -23.91% (306.55)
PREMCO - GPT (JV) 0.02% 3.86 0.24% 3.86 0.07% 12.02 0.01% 0.07
RAHEE - GPT (JV) 0.77% 147.54 0.14% 2.25 1.10% 187.63 0.06% 0.77
RAHEE - GPT IB (JV) 0.07% 12.93 0.07% 1.07 0.08% 12.86 0.15% 1.95
RAHEE-GPT (NFR) JV 0.00% - 0.00% - 0.01% 0.96 0.00% (0.06)
(` in lacs)
152 GPT Infraprojects Limited
Notes to the Consolidated Financial Statements as at and for the year ended March 31, 2017
36. Additional information as required under Schedule III to the Companies Act, 2013, of enterprises consolidated as Subsidiary /
Associates / Joint Ventures.
Name of the entity
As at 31.03.2017 2016 - 17 As at 31.03.2016 2015 - 16
Net Assets, i.e., total
assets minus total
liabilities
Share in
Profit or Loss
Net Assets, i.e., total
assets minus total
liabilities
Share in
Profit or Loss
As % of
Consolidated
net assets/
(liabilities)
Amount As % of
Consolidated
Profit or (loss)
Amount
of Profit or
(Loss)
As % of
Consolidated
net assets/
(liabilities)
Amount As % of
Consolidated
Profit or (loss)
Amount
of Profit or
(Loss)
Geo Foundation & Structure Pvt. Ltd.
& GPT Infraprojects Ltd. (JV)
0.11% 21.56 0.00% - 0.50% 85.15 0.00% -
GPT - RANHILL (JV) 1.26% 240.17 0.00% - 0.58% 99.75 0.00% -
JMC - GPT (JV) 0.01% 1.31 0.00% - 0.01% 1.95 0.00% -
GPT-SMC (JV) 3.85% 735.00 -0.39% (6.30) 4.77% 814.94 -3.81% (48.83)
GPT-BHARTIA (JV) 0.00% - 1.77% 28.31 0.44% 75.04 5.85% 75.04
GPT-BALAJI-RAWATS (JV) 0.01% 2.43 0.68% 10.83 -0.01% (1.02) 2.02% 25.85
GPT-BALAJI (JV) 0.00% 0.05 0.07% 1.08 0.00% - 0.00% -
HARI - GPT (JV) 0.07% 14.30 3.81% 60.76 0.00% 0.43 3.47% 44.50
G R (JV) 0.13% 25.73 8.73% 139.26 0.00% 0.36 1.17% 14.95
GPT - SKY (JV) -0.01% (1.24) 0.58% 9.21 -0.09% (14.78) 0.44% 5.68
Foreign
GPT - Transnamib Concrete
Sleepers (Pty.) Ltd.
3.02% 576.19 12.31% 196.47 2.53% 431.17 11.12% 142.59
Total 126.87% 24,214.18 128.57% 2,051.27 136.17% 23,247.32 117.34% 1,504.55
Less. Elimination adjustment on
Consolidation
26.87% 5,128.80 28.57% 455.83 36.17% 6,175.47 17.34% 222.34
Total 100.00% 19,085.38 100.00% 1,595.44 100.00% 17,071.85 100.00% 1,282.21
Notes.
1. The amount stated above in respect of subsidiaries are as per the standalone financial statements of each of individual entities,
before making any adjustments for intra - group transactions and/or balances.
2. The amount stated above in respect of the Joint Ventures are as per proportionate consolidation / investment as per the equity
method.
(` in lacs)
37. Previous year’s figures including those given in brackets have been regrouped / re-arranged wherever considered necessary to
conform to current year’s classifications.
As per our attached report of even date For and on behalf of the Board of Directors
For S. R. Batliboi & Co. LLP D. P. Tantia S. G. Tantia
Chartered Accountants Chairman Managing Director
ICAI Firm registration number: 301003E/E300005
per Bhaswar Sarkar Atul Tantia V. N. Purohit
Partner Executive Director Director
Membership no.: 055596
Place: Kolkata A. K. Dokania
Date: 23rd May 2017 Chief Financial Officer
37th Annual Report 2016-17 153
AOC-I
Annexure forming part of the Consolidated financial statements as at and for the year ended 31st March 2017
Statement containing salient features of the financial statement of subsidiaries/associate companies/joint ventures (pursuant to first
proviso to sub - section (3) of Section 129 read with rule 5 of Companies (Accounts) Rules, 2014).
Part A : Subsidiaries (Amount in lacs)
Sl.
No.
Name of the Subsidiary GPT Investments Private
Limited, Mauritius
GPT Concrete Products
South Africa Proprietary
Limited, South Africa
Superfine
Vanijya
Private
Limited,
India
Jogbani
Highway
Private
Limited,
India
1 Sl. No. 1 2 3 4
2 Reporting Currency USD INR (`) ZAR INR (`) INR (`) INR (`)
3 Share Capital 21.25 1,377.82 0.50 2.42 48.59 717.00
4 Reserves & Surplus 24.91 1,614.99 243.29 1,175.44 143.58 (3.71)
5 Total Assets 49.38 3,201.88 1,490.19 7,199.87 253.47 713.74
6 Total Liabilities 3.22 209.07 1,246.41 6,022.02 61.32 0.34
7 Investments 9.09 589.53 Nil Nil Nil Nil
8 Turnover 7.80 523.01 713.10 3,407.74 13.88 Nil
9 Profit / (Loss) before taxation 5.11 343.00 34.57 165.19 1.49 Nil
10 Provision for taxation 0.18 12.36 8.77 41.89 1.31 Nil
11 Profit after taxation 4.93 330.64 25.80 123.30 0.18 Nil
12 Proposed Dividend Nil Nil Nil Nil Nil Nil
13 % of shareholding 100.00% 54.00% 100.00% 73.33%
Notes :
a. Exchange rate of reportable currency at the end of year i. e as on 31st March 2017 : 1 USD = ` 64.8386 and 1 ZAR = ` 4.8315,
b. Average exchange rate of reportable currency for the year : 1 USD = ` 67.0896 and 1 ZAR = ` 4.77877,
c. Balance sheet items are converted into Indian Rupee at exchange rate as at the end of the year and profit and loss items are converted
into average exchange rate of reportable currency during the financial year,
d. Reporting period of all the subsidiaries is 31st March 2017.
154 GPT Infraprojects Limited
AOC-IAnnexure forming part of the Consolidated financial statements as at and for the year ended 31st March 2017 (Contd…)
Statement containing salient features of the financial statement of subsidiaries/associate companies/joint ventures pursuant to first
proviso to sub - section (3) of Section 129 read with rule 5 of Companies (Accounts) Rules, 2014.
Part B : Associates and Joint Ventures (Amount in lacs)Sl.
No.Name of the Joint ventures
Shares of Joint Ventures held by the company on the year end
Networth attributable to Shareholding as per latest
audited Balance Sheet
Profit/(Loss) for the Year
Reporting Currency
Amount of Investment
in Joint Ventures
Extent of Holding % Considered in Consolidation
1 BHARAT - GPT (JV) INR (`) 0.05 50.00% 0.05 2.05 2 PIONEER - GPT(JV) INR (`) 2.95 80.00% 2.95 - 3 BHARTIA-GPT-ALLIED JV INR (`) - 65.00% - 53.39 4 GPT - GEO (JV) INR (`) 24.53 60.00% 24.53 37.85 5 GPT - GEO - UTS (JV) INR (`) 0.78 60.00% 0.78 - 6 GPT - GVV (JV) INR (`) 12.14 60.00% 12.14 - 7 GPT - RDS (JV). INR (`) 52.35 50.00% 52.35 - 8 GPT - SLDN - COPCO (JV) INR (`) (0.24) 60.00% (0.24) - 9 GPT - SLDN - UTS (JV) INR (`) 36.06 60.00% 36.06 - 10 GPT - TRIBENI (JV) INR (`) (13.04) 60.00% (13.04) 6.01 11 GPT Infrastructure Pvt. Ltd. & Universal
Construction Co. (JV)INR (`) (1.28) 60.00% (1.28) -
12 GPT-CVCC-SLDN(JV) INR (`) 72.13 37.50% 72.13 - 13 GPT-MADHAVA (JV) INR (`) 48.79 49.00% 48.79 - 14 GPT-PREMCO-RDS(JV) INR (`) (0.84) 45.00% (0.84) - 15 GPT-RAHEE (JV) INR (`) 1,145.58 50.00% / 65.00% 1,145.58 2.88 16 PREMCO - GPT (JV) INR (`) 3.86 40.00% 3.86 3.86 17 RAHEE - GPT (JV) INR (`) 147.54 50.00% / 51.00% / 30.00% 147.54 2.25 18 RAHEE - GPT IB (JV) INR (`) 12.93 30.00% 12.93 1.07 19 RAHEE-GPT (NFR) JV INR (`) - 51.00% - - 20 Geo Foundation & Structure Pvt. Ltd. & GPT
Infraprojects Ltd. (JV)INR (`) 21.56 49.00% 21.56 -
21 GPT - RANHILL (JV) INR (`) 240.17 99.99% 240.17 - 22 JMC - GPT (JV) INR (`) 1.31 99.99% 1.31 - 23 GPT-SMC (JV) INR (`) 735.00 51.00% 735.00 (6.30)24 GPT-BHARTIA (JV) INR (`) - 61.75% - 28.31 25 GPT-BALAJI-RAWATS (JV) INR (`) 2.43 51.00% 2.43 10.83 26 GPT-BALAJI (JV) INR (`) 0.05 51.00% 0.05 1.08 27 Hari - GPT (JV) INR (`) 14.30 51.00% 14.30 60.76 28 G R (JV) INR (`) 25.73 51.00% 25.73 139.26 29 GPT - SKY (JV) INR (`) (1.24) 61.00% (1.24) 9.21 30 GPT - Transnamib Concrete Sleepers (Pty.)
Ltd.Namibian
Dollar 46.25 37.00% 119.26 41.11
INR (`) 223.46 37.00% 576.20 196.47
Notes : a. The Latest Date of reporting in all the above Joint Ventures/ Associates are 31st March, 2017
b. The significant influence in all the above Joint Ventures/Associates are in terms of the Agreement with them
c. Consolidation has been done in respect of all the Joint Ventures/Associates
d. GPT - ABCI (JV) have not commenced operation during the year
For and on behalf of the Board of Directors
D. P. Tantia S. G. Tantia
Chairman Managing Director
Atul Tantia V. N. Purohit
Executive Director Director
Place: Kolkata A. K. Dokania
Date: 23rd May 2017 Chief Financial Officer
37th Annual Report 2016-17 155
NOTES
156 GPT Infraprojects Limited
NOTES
A PRODUCT
GPT INFRAPROJECTS LIMITED
GPT Centre, JC – 25, Sector – III,
Salt Lake, Kolkata – 700 098, India.
www.gptinfra.in